patrick.net

And these are recourse even in California...

awesome article. thanks.

I have a feeling this will exceed 40% at some point...

LOL! just love that re-fi advertising on the right of the Y! page.

misery now, but most of these "victims" sure had fun spending the money.

E-man says

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.

E-man says

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).

>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?