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Is a second "piggyback" as part of a 80/15/5 loan structure Non-Recourse in CA?

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  • Is a second "piggyback" as part of a 80/15/5 loan structure Non-Recourse in CA?

    I live in CA and I am considering walking away from my underwater primary home purchased with a 80% 1st/15% 2nd/5% cash down loan structure. I have never refinanced or modified the loan. The second is identified as a piggyback loan which was obtained at the same time as the first mortgage and used to help pay the 20% down. There is nothing in the loan document that says specifically that it is non-recourse or any mention of it being able to or not seek a deficiency judgement against me.

    Am I protected under CA Civil Code 580b and is the second a non-recourse loan? Should I be looking for any other language on the piggy back loan to help confirm this? Thanks.

  • #2
    Duplicate thread - Olaugh, please post your question only once. We don't want to have two threads going at the same time on the same question. Thanks.

    Any replies will be posted by responders under the other thread you started.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

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