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 - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
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