Calif

Is it true mortgages in Calif. are usually non-recourse loans, then become recourse when refinanced?

May 212011

I was told this once but I’m not sure if it’s true. I was told that in the state of California, the papers for the original mortgage you get on a house usually state they are non-recourse, but when you go to refinance, the refi paperwork usually indicates it’s a recourse loan. If this is true, can someone provide me a link to where this is stated on the Internet somewhere. I am trying to convince someone not to refi.

As a Calif resident earning $79,000 with 3 deductions, what kind of tax savings would I get from a $500K home?

Mortgage Loan No Responses »

May 172011

Single tax filer in San Francisco; first-time buyer; assume 10 percent down and competitive mortgage interest-rate loan at today’s rates. Also, would condo association fees be deductable? High time for high-touch: the case for adopting a different servicing approach in today’s new reality.(Cover Report: Servicing): An article from: Mortgage Banking This digital document is an [...]

If we default on an Calif FHA loan for purpose of ‘strategic foreclosure’, what are long/short term impact?

Mortgage Loan 6 Responses »

Jan 262011

Originally purchased Manufactured Home in 2000 in California. Non-predatory lending, put 5% down for 120,000 home (3BD/2BA). We refinanced for lower (fixed) rate in ’08, w/ payoff of 3 credit cards & some cash out. Current loan balance is $ 170,000… but other manufactured homes are Short-Selling for $ 75K or less… and some are [...]

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