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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Ramsey Su who wrote (51208)1/24/2006 6:21:32 PM
From: Elroy Jetson  Read Replies (2) of 110194
 
The advantage of ARMS is that the borrower gets hit with the higher rates, not the lender.

Lenders offering fixed rate loans always talk about they way they are hedged, but their earning still take a hit when rates rise.

By the way, I looked into Deficiency Judgments in California.

The lender can obtain a Deficiency Judgment if they choose to proceed with a Judicial Foreclosure, rather than a Trustee Sale, which is always their right to do. Judicial foreclosure results in a full judgment for all of the lenders costs, even if they are far more than the sale price obtained for the property.

The only lenders who cannot obtain a Deficiency Judgment are:

the original loan used to purchase an owner-occupied home;

or any loan which is extended by the previous property owner.
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