Re: Foreclosure question

Posted by Ken (66.217.100.183) on July 12, 2002 at 00:42:18:

In Reply to: Re: Foreclosure question posted by LadynRed on July 11, 2002 at 23:31:48:

Here in South Florida, Southern District of FL for BK; in the late 90's lenders here were famous for writing 125% and a couple of lenders were writing 150% LTV (Loan to Value) loans. The lenders were shocked that some went into default.

Lenders were suing for the excess above value and getting judgements. One individual had a very good lawyer, filed Chapt 7 and got the excess striped. The BK Judge stated that the lender should have known the risks in writing such a loan and not ruled the excess as unsecured but discharged it.

Now it is very hard to find 125% LTV loans any more.

Follow Ups:

Post a Followup