Second mortgage misery...38% Who Borrowed Against Homes Are Underwater!
invite response
2011 Jun 9, 12:56am 2,817 views 9 comments
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LOL! just love that re-fi advertising on the right of the Y! page.
FortWayne
2011 Aug 2, 1:02am
misery now, but most of these "victims" sure had fun spending the money.
bubblesitter
2011 Aug 2, 11:25am
lenders CAN'T go after homeowners for judgment deficiency
They shouldn't because they get enough from other taxpayers for their losses.
I refied in 2006 and extracted 80k to pay off student loans. Not underwater yet.
SB458 bill passed in CA a couple of months ago prohibiting junior lien holders going after homeowners after they short-sold their home.
That is true IF the mortgage holder agrees to the short sale, right? If the junior lienholder does not agree, then it doesn't matter. This reduces the incentive of the second mortgage holder to agree to a short sale -- if they get nothing out of it, they might as well have the property be foreclosed and get nothing out of it (and still have the right to a deficiency).
American in Japan
2011 Aug 30, 4:55pm
>SB458 bill passed in CA a couple of months ago prohibiting junior lien holders going after homeowners after they short-sold their home.
>SB931 bill passed a while ago prohibiting 1st lien holder going after homeowners after they short-sold their home.
So why would any lien holders approve of a short sale?
http://finance.yahoo.com/loans/article/112878/second-mortgage-misery-wsj?mod=loans-home
These should all be recourse.
#housing