Mortgage Forum
Is a refinance loan to pay off ex equity considered a purchase money only loan
This is a topic titled Is a refinance loan to pay off ex equity considered a purchase money only loan made in the Mortgage Talk section, belongs to our Mortgage Chat category; Loan balance at time of divorce was $155,000. I refinanced for $220,000 to pay ex's potion of the equity which was $65,000. The house is now ...
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September 22nd, 2008, 08:03 AM
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|  Is a refinance loan to pay off ex equity considered a purchase money only loan Loan balance at time of divorce was $155,000. I refinanced for $220,000 to pay ex's potion of the equity which was $65,000. The house is now worth approximately $150,000. If the lender were to foreclose on me, would they consider my refinanced loan to pay off equity as a purchase-money only loan? If they did, this would mean that the lender could not come after me for any deficiencies in the repayment of the loan by a private sale of the house. |
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| Topic | Started By | Category | Replies | Last Post |
| Can I use the money from my home equity loan as a down payme | Mike | Mortgage Talk | 0 | September 8th, 2008 08:54 AM |
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