Yes, this homeowner is upset, but is this the solution? In my professional opinion, the answer is NO. You see what he forgot to take into account when he tore his home down is that when the bank does indeed foreclose on the property there is going to be a deficiency balance owed on the loan. For example he owes $350,000 on this home and now that he has torn it down it might be worth only $100,000 (depending on the land value) which will leave the bank short about $250,000 plus any fee's... Now at anytime the bank can go back and try to collect on that amount due to the rules for a recourse loan. Purchase money loans are not usually a recourse loan, but refi money & construction loans are. If you're facing a foreclosure don't just let the bank foreclose... Give us a call so you know what all of your options are so you make the right choice for you and your family... Don't just bulldoze your home, so to speak Melissa 714-720-2555 or Chip Esajian 714-272-5369
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