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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Follow-up On This Month's Article Posted by Gary Chung on December 19, 2003 at 3:17 PM Ward: Nice article this month. I need a clarification. If I understand it right, in general, a loan used to 'purchase' a house is exempt (unless it's backed by FHA/VA) from any future deficiency judgments. However, if I refinance to take advantage of today's low rates, then the new loan is considered a 'hard money' loan (as defined in your article) and therefore subject to possible future deficiency judgment but only if the lender/beneficiary chooses to foreclosure judicially. Have I got that right? I ask because your article doesn't directly reference a new refinance loan. I can see this as a point that I can use in talking with someone in foreclosure. That is, if they choose to let their home go to foreclosure instead of selling to an investor...like me, I can inform them that their troubles may not be over after the sale and that the lender may still come after them for the deficiency. Thanks, Gary Follow Ups: Re: Follow-up On This Month's Article Rick Harmon 5:10 PM, 12/19/03 (2) Re: Follow-up On This Month's Article Gary Chung 11:07 PM, 12/19/03 (1) Re: Follow-up On This Month's Article frankCA 8:03 AM, 12/23/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Ward: : Nice article this month. I need a clarification. If I understand it right, in general, a loan used to 'purchase' a house is exempt (unless it's backed by FHA/VA) from any future deficiency judgments. However, if I refinance to take advantage of today's low rates, then the new loan is considered a 'hard money' loan (as defined in your article) and therefore subject to possible future deficiency judgment but only if the lender/beneficiary chooses to foreclosure judicially. Have I got that right? I ask because your article doesn't directly reference a new refinance loan. : I can see this as a point that I can use in talking with someone in foreclosure. That is, if they choose to let their home go to foreclosure instead of selling to an investor...like me, I can inform them that their troubles may not be over after the sale and that the lender may still come after them for the deficiency. : Thanks, : Gary Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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