[lbo-talk] housing news

Steven L. Robinson SROBIN21 at comcast.net
Tue Feb 13 12:52:34 PST 2007


The car loan is a better deal for the lender. If she defaults, not only can the car be repossessed but she is personally liable for a deficiency judgment as to the value of the loan. In California, and many states, a home purchaser can simply walk away from the mortgage and not face a money judgment - although there may be tax consequences. SR

-------------- Original message -------------- From: Doug Henwood <dhenwood at panix.com>


> Speaking of housing stories, I read one yesterday of a woman who was
> taking out a $13,000 car loan to pay her mortgage. The low payment
> was adjusting upwards, but since the loan was greater than the value
> of the house, she couldn't refinance.
>
> Doug
> ___________________________________
> http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk
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