Loan Modification Forum - LoanSafe.org - View Single Post - Strange situation -- success with caveat -- HELP needed!

orcina_orca · 07-04-2009, 11:28 AM

Hi AZChick:
Thanks for responding. What I don't know is IF it will be a recourse loan at that point or even now when I sign the paperwork. I honestly don't know what to do. One thing that comes to my mind is that I could hope to get around it by perhaps selling the house before then (say, to my parents). This is only if I am not responsible for the 110K. If I am still responsible, it wouldn't matter either way.
When the Mortgage Relief Act end, would I have been responsible in the event of foreclosure if it came to that?

07-04-2009, 11:28 AM	#3 (permalink)
orcina_orca Member Join Date: Dec 2008 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Strange situation -- success with caveat -- HELP needed! Hi AZChick: Thanks for responding. What I don't know is IF it will be a recourse loan at that point or even now when I sign the paperwork. I honestly don't know what to do. One thing that comes to my mind is that I could hope to get around it by perhaps selling the house before then (say, to my parents). This is only if I am not responsible for the 110K. If I am still responsible, it wouldn't matter either way. When the Mortgage Relief Act end, would I have been responsible in the event of foreclosure if it came to that?