| Re: Purchase Money Loan & Loan Mod
A purchase money loan which in California is a non-recourse loan then the loan does remain a purchase loan. However, the loan itselft does change and typically the lender's are having borrowers sign away legal rights to the original loan as well as a personal guarantee on the new modified loan.
Therefore, it is wise for a borrower to have some type of legal representation to look over the loan docs. There are some FREE resources like the local HUD office that a borrower can go and get some assistance.
I do not believe that a borrower should sign a loan modification agreement directly with their lender without legal assistance.
__________________ Moe Bedard
Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog"  Get My FREE Loan Modification E-Book | Please donate to LoanSafe.org | Loan Modification Training For Attorneys | Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here. |