Quote:
Originally Posted by sroseg  I'm sorry Professor Shay, I'm new to forum/blogging protocol and I'm trying to contact you specifically with this question: if you accept a loan modification (not that I'm even close with Chase) do your loans then lose their "purchase money status" and become 'recourse.' I'm in California with an $650K first, 186K second used to purchase the home. Current estimated value of house $650K to $700K (LOL), if that. |
The short answer is no. To safeguard yourself be sure that you do not sign a new promissory note and deed of trust, but simply enter into a "modification" of the existing promissory note.
Daniel