[lbo-talk] housing news

[Steven L. Robinson]

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 
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