Comment

Comment by VIctor T. Gurrola on March 15, 2010 at 3:13pm

Gov. Arnold Schwarzenegger announced today that he would not sign a bill lawmakers passed to bring new tax relief to homeowners who were foreclosed on or were forced to Short Sell.
http://latimesblogs.latimes.com/lanow/2010/03/schwarzenegger-wont-s...

Comment by Van Bui on March 3, 2010 at 10:12am

Jennifer, non-recourse is only apply for original purchase loan and it has to be primary residence. Investment property does not fall under the non-recourse law. Please correct me if I am wrong anyone.

Comment by Van Bui on March 3, 2010 at 9:56am

Try this format : first letter of first name last [email protected]. For example: My name Van Bui. Email is [email protected]. I have a file with them. It ended up in foreclosure. Victor is right. It is not fun to deal with MI. Try to get MI people in the negotiation process as soon as possible. Sellers need to inform they may have to contribute or get a promissory note ; otherwise, the deal will be dead.

Comment by VIctor T. Gurrola on March 1, 2010 at 10:43am

Email formats? you will have to deal with MI insurance which is not fun, we closed a deal with them last year. It was not fun.

Comment by Jennifer Garrell on February 9, 2010 at 3:21pm

Nice, thank you. So investment property owners also fall under the non-recourse laws as long as it is a purchase money loan on the property? Thank you for the number!

Comment by VIctor T. Gurrola on February 9, 2010 at 2:10pm

Here is the number to C.A.R in case you didnt have it. (213) 739-8282 (for agents)

Comment by VIctor T. Gurrola on February 9, 2010 at 2:05pm

Jennifer, non-recourse laws apply only to “purchase money” loans (i.e. original home loans that are used to purchase property). Almost all HELOCs and home equity loans are considered recourse loans and lenders for these loans may sue borrowers to recoup loss. (Except in some cases where the second mortgage lender forces the foreclosure. The verbiage used in the letter cover a broad range of circumstance and is generic in nature. To make your clients feel better you can contact the C.A.R attorneys or his own.

Comment by Jennifer Garrell on February 9, 2010 at 1:06pm

I know I'm a little late in the "game" but I in the "game" most importantly. I have a Seller that we received Short Sale Approval on (my first, woohoo) from Bank of America here in the grand State of CA. Of course it had the deficientcy judgement clause within the approval letter indicating that if BofA wanted to excercise their right, they could. Of course my Seller was not happy about this. They went and did their own research on the internet and found that CA is a non-recourse State, so how could BofA keep that clause in the approval letter? It is an investment property that we received the approval on, with a purchase money loan on title. I am very confused when it comes to the deficientcy issues. Any clarification would be happily accepted. Thanks!

Comment by VIctor T. Gurrola on February 5, 2010 at 1:21pm

thank you!

Comment by Wendy Rulnick on February 5, 2010 at 1:21pm

Great group idea, Victor!

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