While I'm not up on these cases either, I THINK (in non recourse states) the exemption is only on the original purchase money mortgage...if a refinance has been made, it may've turned the loan into a recourse loan, subject, of course, to the forgiveness act(s)... Secondary etc parties frozen out of the real estate by the primary's foreclosure are also instituting collection procedures on the basis of the note signed, or selling the note to professional collectors... And if (when) filing Bkcy, be sure everyone on the note(s) files (or is somehow exempt from liability); a bank I worked for in the 60's picked up some money in cases where husb and wife signed note but only husb filed Bkcy.
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Today's Featured Article - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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