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Real Estate & Property Law

: The Home Equity Theft Reporter

California Mortgage Lenders Using Short Sales To Seek Deficiency Judgments On "Non-Recourse" Purchase Money Home Loans?

By r morris

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In San Diego County, California, North County Times reports:[B]orrowers can face deficiency judgments at any point on certain types of loans. But California law allows special privileges for what is known as "purchase money" loans, or the original loan used to purchase the home. On such mortgages, a bank cannot legally sue the borrower for nonpayment. The bank's only means of recouping the loan

Full post as published by The Home Equity Theft Reporter on April 30, 2009 (boomark / email).

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