http://www.creditwritedowns.com/2009/07/is-the-new-affordable-fhfa-loan-program-predatory-lending.html Finance, Economics and Markets Fri, 10 Feb 2012 00:37:00 +0000 hourly 1 http://www.creditwritedowns.com/2009/07/is-the-new-affordable-fhfa-loan-program-predatory-lending.html#comment-56714 Edward Harrison Tue, 07 Jul 2009 17:48:00 +0000 http://www.creditwritedowns.com/2009/07/is-the-new-affordable-fhfa-loan-program-predatory-lending.html#comment-56714 Bill, refis are generally recourse loans, so yes, those who have already refi'd and taken cash out cannot just walk away. Many banks sell recourse loans that are past due to debt collectors who are more aggressive in looking to collect on the loan than the bank would be. So, be very careful with refinancing mortgage loans. Bill, refis are generally recourse loans, so yes, those who have already refi’d and taken cash out cannot just walk away. Many banks sell recourse loans that are past due to debt collectors who are more aggressive in looking to collect on the loan than the bank would be. So, be very careful with refinancing mortgage loans.

]]> http://www.creditwritedowns.com/2009/07/is-the-new-affordable-fhfa-loan-program-predatory-lending.html#comment-56713 Anonymous Tue, 07 Jul 2009 17:41:00 +0000 http://www.creditwritedowns.com/2009/07/is-the-new-affordable-fhfa-loan-program-predatory-lending.html#comment-56713 Edward - your point 2 says this: 2.However, in the state of California, refinance mortgages are recourse loans. If this is true, would not anyone in California that already refinanced their loan in the past be on the hook? Some people have refi'd their homes 7-8 times over the years. Please clarify. Thanks Edward – your point 2 says this: 2.However, in the state of California, refinance mortgages are recourse loans.
If this is true, would not anyone in California that already refinanced their loan in the past be on the hook? Some people have refi’d their homes 7-8 times over the years. Please clarify. Thanks

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