Comments on: Second Mortgage vs. Home Equity Loan http://www.loansafe.org/second-mortgage-vs-home-equity-loan Tue, 15 May 2012 22:37:51 +0000 hourly 1 http://wordpress.org/?v= By: Mike http://www.loansafe.org/second-mortgage-vs-home-equity-loan#comment-8201 Mike Sun, 18 Jul 2010 22:04:02 +0000 http://www.loansafe.org/?p=959#comment-8201 Hi, I live in Seattle and have an 80 with Homestreet and a 20 with Wells Fargo for an 80/20 100% financed loan on our primary residence and only home. We have to relocate and our home is now lost just over 100k in value. Our 80 is for 220k and the 20 with wells is for 53k. We have not refinanced or taken any equity out at all. I talked to a real estate attorney who said neither can come after me for deficiency since I meet those requirements. We only have about 2k to our name so not sure what they would get any how. Is it true? I have heard that wells can sell the second to another and send me to collections-but the attorney we spoke to said we do not have to pay anything as we met the primary residence and didnt take out equity. What do you know about washington state or what have you heard? thank you very much. Hi,
I live in Seattle and have an 80 with Homestreet and a 20 with Wells Fargo for an 80/20 100% financed loan on our primary residence and only home. We have to relocate and our home is now lost just over 100k in value. Our 80 is for 220k and the 20 with wells is for 53k. We have not refinanced or taken any equity out at all. I talked to a real estate attorney who said neither can come after me for deficiency since I meet those requirements. We only have about 2k to our name so not sure what they would get any how. Is it true? I have heard that wells can sell the second to another and send me to collections-but the attorney we spoke to said we do not have to pay anything as we met the primary residence and didnt take out equity. What do you know about washington state or what have you heard? thank you very much.

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