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

To: Skeeter Bug who wrote (173544)12/26/2008 2:48:35 PM
From: Peter VRespond to of 306849
 
"purchase money mortgage" is a mortgage you use to purchase a property. A re-fi is not "purchase money," so it is not subject to the non-recourse rules.

But again, the lender has to use an expensive and lengthy judicial foreclosure process to obtain a deficiency judgment, so it has to be economically feasible and worthwhile for the lender to enforce whatever judgment it may receive.

And different states may have different laws.


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