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Old 04-21-2008, 06:19 PM
 
1 posts, read 5,287 times
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We live in Arizona - I know that in our state, if you have your original mortgage and you foreclose, the lenders can not come after you for the money. However, does anyone know how it works with a refinanced mortgage? We refied a few years ago & have a 20/80 and have been hit with two medical disasters, so we don't have a lot of options. We will be going to an attorney, I just thought if anyone could shed some light on this, it could help. Thank you.
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Old 04-22-2008, 01:28 PM
 
Location: Oxygen Ln. AZ
9,319 posts, read 17,976,821 times
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I am sure the advice your attny will give you will surpass anything posted here. Good luck you you and I hope things settle down.
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Old 04-22-2008, 03:49 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,584,048 times
Reputation: 958
Non-recourse only applies to purchase money. Refi money is absolutely full recourse.
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Old 04-22-2008, 05:24 PM
 
69,364 posts, read 61,393,880 times
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Quote:
Originally Posted by Daddys///M3 View Post
Non-recourse only applies to purchase money. Refi money is absolutely full recourse.
While refi money might be full recourse, I have never ever ever heard of a bank going after someone for money after a foreclosure. Not saying it doesnt happen, but if you cant pay your mortgage, why would a bank spend thousands more coming after someone to get a judgment against them, when there is no assets to attach.. (you already lost your home.)
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Old 04-22-2008, 11:58 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,584,048 times
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Quote:
Originally Posted by pghquest View Post
While refi money might be full recourse, I have never ever ever heard of a bank going after someone for money after a foreclosure. Not saying it doesnt happen, but if you cant pay your mortgage, why would a bank spend thousands more coming after someone to get a judgment against them, when there is no assets to attach.. (you already lost your home.)
That is an entirely different issue. I simply answered the OP's question.
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Old 04-23-2008, 07:22 AM
 
69,364 posts, read 61,393,880 times
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Quote:
Originally Posted by Daddys///M3 View Post
That is an entirely different issue. I simply answered the OP's question.
Yes, but without all of the information. They COULD come after someone, doesnt mean they do.
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Old 04-23-2008, 11:14 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,584,048 times
Reputation: 958
Quote:
Originally Posted by pghquest View Post
Yes, but without all of the information. They COULD come after someone, doesnt mean they do.
I answered with all of the factual information I had. Banks have been known to go after people. Not consistently, and not on a large scale. However, I will leave assumptions about what the bank may or may not do to someone else. Refi money in the state of AZ is recourse, anything else will have to be hashed out between the OP, their lender, and their lawyer.
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Old 08-27-2008, 11:18 PM
 
5 posts, read 14,140 times
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I spoke to an Atty and to a Banker that is very experienced on foreclosures. They both told me that 99.9 % of the time, they go for the home unless you have a pot of gold in your backyard. I believe the banker called it the " One action rule" meaning go for you or your home. I speak for CA only. Regardless if what I say is true or not, why the heck won't you get professional advice on something as big as this? I still need to meet with a CPA or Tax Atty. This is money worth spending for something that can kick your butt financially if you do something wrong.
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Old 08-28-2008, 12:37 AM
 
Location: Here and there, you decide.
12,884 posts, read 26,431,187 times
Reputation: 4981
in ohio, they want the judgement... maybe they figure you might come into money later on.. plus the statute of limitations on this is strange... the second lienholder has a year to obtain the judgement from the foreclosure date, once they do that .. the statute of limitations is 15 years..providing it is renewed every 5
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Old 08-28-2008, 10:29 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,803,207 times
Reputation: 249
they will come after people, they will just attach judgments onto those with good credit
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