CalRehabber
Member
What is the name of your state (only U.S. law)? CA
My house which is upside down around 165k and I can no longer afford due to a cut back in hours is currently in pre-forclosure.
When I purchased the house in 2006, I did a "Stated" 80/20 loan and financed 100%
80% on the 1st
20% Heloc for the remaining
My question is, would the Heloc be considered recourse or not?
My house which is upside down around 165k and I can no longer afford due to a cut back in hours is currently in pre-forclosure.
When I purchased the house in 2006, I did a "Stated" 80/20 loan and financed 100%
80% on the 1st
20% Heloc for the remaining
My question is, would the Heloc be considered recourse or not?