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Calif 80/20 Heloc Questions

Posted by Camelia Vera, Arcadia, CA on February 19, 2011 at 12:08pm in Short Sale Discussions

I have a client who has an 80/20 loan. Both are with One West Bank. What does this mean in terms of the second? Will One West Bank treat them separately or will they treat it as a package?

If these both were taken out at the same time (ie purchase money loans) can One West come after my client after the second is wiped out completely?

Thanks, I appreciate any guidance.

 

Camelia

 

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Tags: Bank, Heloc, One, West
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Replies

  • Camelia Vera, Arcadia, CA February 23, 2011 at 9:12am
    Good points! Never imagined they could be with another secondary market investor. And because they were done on the same day, I'm assuming it's PML. So yes, the new law makes this better for the client. Thank you so much Wendy and Kimberley! I love this forum board and hope to help others as I gain more experience. : ) 
  • Kimberley Kelly February 23, 2011 at 1:53am
    If it's PML loan on the 2nd, no deficiency pursuit as of 1/1 in California.  1099 for sure, but no pursuit.  The second is probably with another investor as Wendy says, so hunt them down as they'll have to agree to short sale..
  • Wendy Rulnick February 22, 2011 at 4:17pm
    Camelia - Each One West Loan may have a different secondary market investor, so they they or may not be treated separately.  You'll have to get a California agent to answer your second question.
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