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 - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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