New great question about {$KEYWORD}
Nonrecourse debt forgiveness rental?
If I moved out and converted my original principal residence to a rental sometime ago and it goes into foreclosure, am I liable for anything? Yes, it is now an upside-down mortgage.
From my research, California purchase money loans are nonrecourse and the lender can only take back the house. In addition, this nonrecourse foreclosure does not trigger cancellation of debt because the sale price is said to fulfill the outstanding debt even if less than what is owed. So does it even matter if it’s not my principal residence or not? Please help, can’t get straight answer on this. Thanks.
Nonrecourse only applies to your primary residence, so you are out of luck there. Your primary residence is also not covered if you ever refinanced and removed any equity from the property.
Financial Aid : Who Qualifies for Student Loan Forgiveness?
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