walking away from 2 loans in CA? - Loan Modification Forum

redklothing · 04-10-2009, 02:18 PM

Thank you for the help.

We have our first with Aurora at $355 and our second with Citi at $110 and we're upside down by about $175K.

With CA being a non-recourse state I understand that the debt for the 1st can't follow us, what about the 2nd with Citi?

The Professor · 04-10-2009, 06:01 PM

The key is how the loan was created. Please answer the following:

Was your second loan created at the time you purchased the residence and all of its proceeds used to purchase the home?

Daniel

04-10-2009, 02:18 PM	#1 (permalink)
redklothing Junior Member Join Date: Apr 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	walking away from 2 loans in CA? Thank you for the help. We have our first with Aurora at $355 and our second with Citi at $110 and we're upside down by about $175K. With CA being a non-recourse state I understand that the debt for the 1st can't follow us, what about the 2nd with Citi?

04-10-2009, 06:01 PM	#2 (permalink)
The Professor Senior Member Join Date: Jul 2008 Location: 49er Gold Country Posts: 1,543 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: walking away from 2 loans in CA? The key is how the loan was created. Please answer the following: Was your second loan created at the time you purchased the residence and all of its proceeds used to purchase the home? Daniel

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