I was told by my real estate agent that if I did a short sale or foreclosure on my home in Arizona, that both the first mortgage and Home Equity Line of Credit (taken out 9 months after home purchase) would both be relinquished in a short sale or foreclosure. Because the house had dropped significantly in value and half the lots were vacant from owners doing the same thing, I decided to proceed with the short sale. It wasn’t approved and went into foreclosure. Now the bank is pursuing judgment against me to garnish my wages. Unfortunately, I can’t afford to retain an attorney. Is this a case I can win, even if I represent myself in a civil suit against this realtor? I also have email documentation asking him specifically how both loans would be treated. He responded with "Don’t worry, I have it!" I also have a witness to him telling me this verbally. According to the anti-deficiency laws, the second loan is not forgiven because it’s Non-Purchase Money, is this correct? Also, I’m wondering if I have a strong enough case to pursue this in civil court, representing myself.
Posts Tagged ‘purchase money’
Foreclosure…bank seeking judgment on Home Equity Line of Credit?
Monday, November 23rd, 2009I’m looking for a true hard money lender that will lend solely on the properties equity. Can someone refer me?
Thursday, July 2nd, 2009I work for my self and need a hard money loan with minimal hassle. I have found two very good deals and am ready to make an offer on one house or the other. I keep hearing about hard money lenders who will 100% finance, but, I cannot find one. Is this a fantasy or do hard money lenders of this type actually exist?
Does California Section 580b Anti-Deficiency Protection apply to loans that been sold to another lender?
Saturday, June 20th, 2009If a borrower took a 80/20 loan but the 2nd (20) loan has been sold to another bank, does California Section 580b Anti-Deficiency Protection still apply? "NO" refinancing or home equity credit has been taken. Basically, the 80/20 loan is "Purchase Money".
Related ‘purchase money’ sites :
| Mortgage Marketing to FSBOs with Purchase Money Connect Generate your own exclusive mortgage leads with your own for sale by owner website system from Purchase Money Connect www.purchasemoneyconnect.com | |
| Purchase Money Mortgage Law & Legal Definition A purchase-money mortgage is a note secured by a mortgage or deed of trust given by a buyer, as borrower, to a seller, as lender, as part of the purchase ... definitions.uslegal.com/p/ | |
| Purchase Money Mortgage: West's Encyclopedia of American Law ... Purchase-Money Mortgage Mortgage given by a buyer in lieu of cash for the purchase of property. Such mortgages make it possible to sell property when www.answers.com/topic/ | |
| Purchase-Money Mortgage Definition Purchase-Money Mortgage Definition - Definition of Purchase-Money Mortgage Definition on ... A purchase-money mortgage might be offered by the seller as incentive to purchase a ... www.investopedia.com/terms/p/ | |
| Priority Between Vendor Purchase Money Mortgages</br> and ... Priority Between Vendor Purchase Money Mortgages and Third Party Purchase Money Mortgages ... In addition to these vendor purchase money mortgages, third parties have also ... stewart.com/page/ | |
| "Hard Money Land Lender - Arizona Hard Money Hotel - Motel ... Hotel - Motel Mortgages, Private Arizona hard money, Mortgage loan quotes, Commercial Mortgage refinancing, Mortgage company, Low rate mortgages, Commercial ... www.directmoneylenders.com/ | |
| what is purchase-money? - Yahoo! Small Business 4 answers what is purchase-money? - Yahoo! Small Business ... It is different from other types of loans because of the way the money is being used. ... smallbusiness.yahoo.com/ | |
| Purchase Money Loan Article A purchase money loan is also called an owner financed loan or a seller financed lending agreement. www.christianet.com/ | |
| Legal Definition of Purchase-Money The Legal Term * Purchase-Money * Defined & Explained ... PURCHASE-MONEY. The consideration which is agreed to be paid by the purchaser of a thing in money. ... www.lectlaw.com/def2/p203.htm | |
| Purchase | Define Purchase at Dictionary.com Purchase definition, to acquire by the payment of money or its equivalent; buy. See more. dictionary.reference.com/ | |