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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Ramsey Su who wrote (28031)	3/11/2005 2:26:42 PM
From: Elroy Jetson	Read Replies (1) \| Respond to of 306849

The new BK law does not negate prohibitions against deficiency judgments on purchase money loans. Very few defaulting homeowners still have their purchase money loan anyway. What the new BK law does is allow real estate lenders to pursue a deficiency judgment against the homeowners future earnings as well as their assets by forcing them into Chapter 13. While home owners facing for closure in a real estate down turn usually have few assets, they more frequently still have an income. .