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Purchase mortgage

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begay77 Joined: 23 Sep 2009 Posts: 2 1.59 Dollars($)	Posted: Thu Sep 24, 2009 2:03 pm    Post subject: Purchase mortgage Like 0 Dislike 0 Hi jenkin7, and everybody. I've searched through wipopedia for 'purchase mortgage', but can't find any interpretation. Also, would this apply to the second? My home is in New Mexico. Would you know if there are 'anti deficiency laws' here? Thank-you very much.
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Thu Sep 24, 2009 8:07 pm    Post subject: Like 0 Dislike 0 Hi begay, A purchase money mortgage is the loan acquired to purchase your home from the seller. A refinance will not be considered as a purchase money mortgage. If your have purchased a second mortgage, it can apply to it as well. As far as I know, New Mexico has anti-deficiency laws. Thus, the deficient amount resulting from a sale of the property would be forgiven by the lender. _________________ Procrastination is the enemy of your financial success
greggwyburn Joined: 13 Sep 2009 Posts: 60 0.00 Dollars($)	Posted: Fri Sep 25, 2009 1:49 am    Post subject: Like 0 Dislike 0 its a mortgage or trust deed given by the purchaser to the seller as partial payment on the purchase price

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