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Location: central, between Pepe's Tacos and Roberto's
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If AZ is truly a non-recourse state, and the second was used to help purchase the home then you will not owe any money on the second. I know for a fact that CA is a non-recourse state and that is how it works there.
Keep in mind that this applies to the first as well. If both loans were taken out to purchase the home than you shouldn't have any issues. If either loan was refinanced into then you would likely owe on both of them, depending on the value and loan amounts.
I live in Arizona and went to see a real estate lawyer regarding this same question. The lawyer told me the same thing that Daddys///M3 is saying above; No recourse for the original purchase loans. It's a different story if you refi'd or took out a HELOC, like I did :-(.
I live in Arizona and went to see a real estate lawyer regarding this same question. The lawyer told me the same thing that Daddys///M3 is saying above; No recourse for the original purchase loans. It's a different story if you refi'd or took out a HELOC, like I did :-(.
Both of the loans we had were original purchase loans.
The lender continues to send us a bill for the second mortgage.
I guess they can bill you all they want, but probably can't do much legally like get a deficiency judgment against you to garish wages or file a lien against other property. You might want to sit down with a lawyer to review the specifics of your case, especially if you have other assets or high income. If it were me, I wouldn't worry about it unless they actually file a lawsuit.
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,848,852 times
Reputation: 958
Quote:
Originally Posted by jungle216
The lender continues to send us a bill for the second mortgage.
Have you talked to a RE lawyer yet? I'm sure for a couple of hundred bucks they could write up a cease and desist letter for you. It should be completely legally binding and if the lender did not abide then you could likely pursue further legal action.
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