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Is a refinance loan to pay off ex equity considered a purchase money only loan
This is a discussion on Is a refinance loan to pay off ex equity considered a purchase money only loan within the Mortgage Talk forums, part of our Mortgage Chat category; Loan balance at time of divorce was $155,000. I refinanced for $220,000 to pay ex's potion of ...
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September 22nd, 2008, 07:03 AM
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|  Is a refinance loan to pay off ex equity considered a purchase money only loan Loan balance at time of divorce was $155,000. I refinanced for $220,000 to pay ex's potion of the equity which was $65,000. The house is now worth approximately $150,000. If the lender were to foreclose on me, would they consider my refinanced loan to pay off equity as a purchase-money only loan? If they did, this would mean that the lender could not come after me for any deficiencies in the repayment of the loan by a private sale of the house. |
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