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A purchase money loan is a loan usually used to buy a home. A non purchase money loan is a loan for other reasons where the lender does not know what is being bought.
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In California how can you determine whether your mortgage loan is a non recourse loan or a recourse loan?
http://www.sandiegopredatorylending.com/ "The big mistake homeowners make is turning a "non-recourse" second loan into a "recourse" loan by refinancing it. A non-recourse loan is a loan that the bank can only look to their secured interest. So how is a second mortgage a non-recourse loan? Simple, it was "purchase money" for your home. A purchase money loan is one where the money went from the lender, to escrow, and then to the seller or to pay purchase closing costs. In California purchase money loans made on your home (note: not second home or investment properties) are non-recourse. It's simple as that." Also, it's California state law. It may not be explicitly written in the loan documents. Check out California Code of Civil procedure section 580b: http://www.legaltips.org/california/california_code_of_civil_procedure/577-582.5.aspx " 580b. No deficiency judgment shall lie in any event after a sale of real property or an estate for years therein for failure of the purchaser to complete his or her contract of sale, or under a deed of trust or mortgage given to the vendor to secure payment of the balance of the purchase price of that real property or estate for years therein, or under a deed of trust or mortgage on a dwelling for not more than four families given to a lender to secure repayment of a loan which was in fact used to pay all or part of the purchase price of that dwelling occupied, entirely or in part, by the purchaser. Where both a chattel mortgage and a deed of trust or mortgage have been given to secure payment of the balance of the combined purchase price of both real and personal property, no deficiency judgment shall lie at any time under any one thereof if no deficiency judgment would lie under the deed of trust or mortgage on the real property" or estate for years therein.
What is a house loan?
Housing loan is actually different from mortgage loan. It is a loan that is taken to purchase or construct a house. It may appear the same, but mortgage loan includes loan that is granted again security of a property. It is money borrowed from a licensed money lender or a financial institution primarily a bank. This consist an adjustable or fixed interest rate and payment terms.
Which companies offer a no money down mortgage loan?
A no money down mortgage loan allows the borrower to purchase a home without giving any money. The company Bankrate is an example that offers these kind of loans.
Loan Me a Few Dollars?
Those who are in need of getting a loan should turn to their bank. The banks are money centers that can really help out those who are in serious need of being able to get a loan. Remember, the bank is the greatest lender for those who need to purchase something large such as a home or a car. When you are looking to purchase something like this, you are probably not going to have the money that is required to be able to purchase the thing outright. Therefore, you are going to want to take out a loan with the bank in order to get the funds required.
What is a 100 percent home loan?
100% financing is a type of home loan in which the homeowner applies no money down on the purchase of the home. They are a down payment alternative which helps individuals to purchase a home and finance 100% of the home's value.
Is California a non deficiency state?
My understanding is that you are right and the deficiency judgment cannot be persued after the foreclosure action by the lender that did the foreclosure in California "IF THE LOAN is a PURCHASE MONEY loan (which means the loan was used to purchase the property). However, if the loan is a refinance or a HELOC than the No Deficiency Judgment Rule does not apply. However, if a Short Sale is done instead of a Foreclosure - then the foreclosure action no longer exists and the lenders (non-purchase or purchase) can persue a deficiency judgment. Also - if I understand this correctly - even if the second lender is purchase money - if the 1st forecloses, the second did not - and therefore may be entitled to persue a deficiency judgment.
Does the 3 day right of recession apply to money used for business and to do home improvements?
The rescission period applies to residential mortgage refinance transactions and non-purchase equity loans. The way these funds are ultimately used does NOT affect that 3 day period. If the loan is a purchase loan or business loan, this may not be the case.
Why can't i purchase a money order with my credit card?
Because there has to be real money on the money order. A credit card is a loan of money to you.
What is a house loan?
Housing loan is actually different from mortgage loan. It is a loan that is taken to purchase or construct a house. It may appear the same, but mortgage loan includes loan that is granted again security of a property. It is money borrowed from a licensed money lender or a financial institution primarily a bank. This consist an adjustable or fixed interest rate and payment terms.
In California how can you determine whether your mortgage loan is a non recourse loan or a recourse loan?
http://www.sandiegopredatorylending.com/ "The big mistake homeowners make is turning a "non-recourse" second loan into a "recourse" loan by refinancing it. A non-recourse loan is a loan that the bank can only look to their secured interest. So how is a second mortgage a non-recourse loan? Simple, it was "purchase money" for your home. A purchase money loan is one where the money went from the lender, to escrow, and then to the seller or to pay purchase closing costs. In California purchase money loans made on your home (note: not second home or investment properties) are non-recourse. It's simple as that." Also, it's California state law. It may not be explicitly written in the loan documents. Check out California Code of Civil procedure section 580b: http://www.legaltips.org/california/california_code_of_civil_procedure/577-582.5.aspx " 580b. No deficiency judgment shall lie in any event after a sale of real property or an estate for years therein for failure of the purchaser to complete his or her contract of sale, or under a deed of trust or mortgage given to the vendor to secure payment of the balance of the purchase price of that real property or estate for years therein, or under a deed of trust or mortgage on a dwelling for not more than four families given to a lender to secure repayment of a loan which was in fact used to pay all or part of the purchase price of that dwelling occupied, entirely or in part, by the purchaser. Where both a chattel mortgage and a deed of trust or mortgage have been given to secure payment of the balance of the combined purchase price of both real and personal property, no deficiency judgment shall lie at any time under any one thereof if no deficiency judgment would lie under the deed of trust or mortgage on the real property" or estate for years therein.
Which companies offer a no money down mortgage loan?
A no money down mortgage loan allows the borrower to purchase a home without giving any money. The company Bankrate is an example that offers these kind of loans.
Can the money store in valley Alabama have me arrested for non payment of a payday loan?
Yes
Loan Me a Few Dollars?
Those who are in need of getting a loan should turn to their bank. The banks are money centers that can really help out those who are in serious need of being able to get a loan. Remember, the bank is the greatest lender for those who need to purchase something large such as a home or a car. When you are looking to purchase something like this, you are probably not going to have the money that is required to be able to purchase the thing outright. Therefore, you are going to want to take out a loan with the bank in order to get the funds required.
When the original purchase money mortgage lender assigns the mortgage to a second party does the value of the benefits pertaining to purchase money remain the same?
Yes, if the lenders sells your loan to another lender. If you refinance -- No.
What is a 100 percent home loan?
100% financing is a type of home loan in which the homeowner applies no money down on the purchase of the home. They are a down payment alternative which helps individuals to purchase a home and finance 100% of the home's value.
What are the advantages of having a car loan?
One of the advantages of having a car loan is that it allows people to purchase a car if they do not have all of the money right away. Another is that they can take years to pay them off depending on the loan.
What is house loan?
Housing loan is actually different from mortgage loan. It is a loan that is taken to purchase or construct a house. It may appear the same, but mortgage loan includes loan that is granted again security of a property. It is money borrowed from a licensed money lender or a financial institution primarily a bank. This consist an adjustable or fixed interest rate and payment terms.
