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  1. #1
    Join Date
    Dec 2009
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    1

    Default California Purchase Money 80/20, but No Longer Owner Occupied

    My question involves a foreclosure in the State of: CA
    In 2006 bought home with purchase money first with
    Countrywide (now BA) and purchase money Heloc with National City (now PNC). Needed some fixing before moving in, which was to take several months. During that time I ended up having 2 critical spinal surgeries, and was told "must retire". Income dramatically changed. Property was rented on & off, but now 1st has gone unpaid for 3 months, but I continue to pay Heloc. Know that these are purchase money loans, but property has been rented. Should I stop paying Heloc? What is the outcome if I let it foreclose?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: California Purchase Money 80/20, but No Longer Owner Occupied

    You have never lived in the home? Your loan instruments don't require that the premises be owner-occupied?

  3. #3
    Join Date
    Dec 2009
    Location
    P.O. Box 570, Van Nuys, CA 91408
    Posts
    1

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