To: doug from upland
Hmmm. I wonder whether if the refinance is for home improvements it retains the status of a purchase money mortgage (deed of trust); I recall a case from a law school class (Calif Real Estate Secured Transactions) where it was held that a construction loan to build (as opposed to a tradtional PMM) was still considered as a PMM for the anti-deficiency statute
49 posted on
10/07/2003 8:46:35 AM PDT by
CatoRenasci
(Ceterum Censeo [Gallia][Germania][Arabia] Esse Delendam --- Select One or More as needed)
To: CatoRenasci
It seems that purchase money is no longer purchase money when one does a refinance.
54 posted on
10/07/2003 9:18:01 AM PDT by
doug from upland
(Why did DemocRATS allow a perjuring rapist to remain in the Oval Office?)
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson