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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Ramsey Su who wrote (65727)	7/10/2006 4:35:25 PM
From: sciAticA errAticA	Read Replies (2) \| Respond to of 110194

Refi loans could prove costly in foreclosure Law allows lenders to go after personal savings as well as the house, unlike original mortgage. July 8, 2006 - The Orange County Register ocregister.com <snip> WORD OF ADVICE: "This is going to become a hot topic," says Bradford L. Hall, managing director of Hall & Co. in Irvine, of recourse loans. Homeowners behind in their mortgage payments after hocking the house to pay for a major remodel or a new boat or car may be in for a rude awakening. If they previously refinanced and their lender decides to foreclose, they may not only lose their house, but the bank also may be able to go after their other financial assets including stocks, savings and their paycheck. And even if the bank doesn't go after their other assets, a foreclosure may mean a big tax bill from the IRS and state Franchise Tax Board for any shortfall between what the bank gets for the sale of the owner's home and the value of the loan. <snap> ---------- ---------- LOL!