Financial Q&A: How to unload real estate following a flood – Christian Science Monitor
Financial Q&A: How to unload real estate following a flood – Christian Science Monitor
Financial Q&A: How to unload real estate following a flood Christian Science Monitor, MA - 1 hour ago We are considering giving up on the Iowa house [allowing foreclosure]. Is that possible? I’ve got to feed my kids and food and gasoline prices continue to A: With the caveat that you should seek legal advice, Jeffrey Cribbs, a fee-only planner in Oak Park, Ill., says that most home mortgages are recourse loans. This means that the residence is collateral for the mortgage loan, and if the value is insufficient, the lender can go after other assets. California is a nonrecourse state, meaning the lender cannot go after other assets on a mortgage loan used for the original purchase. |
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Posted by Carlos Sagastume on August 10, 2008. Filed under HUD Homes.
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