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What will happen to the second loan if the first foreclosed the property?

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jabs219 Joined: 26 Jan 2010 Posts: 1 1.23 Dollars($)	Posted: Tue Jan 26, 2010 8:15 am    Post subject: What will happen to the second loan if the first foreclosed Like 0 Dislike 0 Both loans are purchase loan 80/20. I'm here in Southern California
jameshogg Joined: 20 Dec 2005 Posts: 10148 Location: Nevada 941.94 Dollars($)	Posted: Wed Jan 27, 2010 12:49 am    Post subject: Like 0 Dislike 0 Hi jabs, In California, the lenders are unable to sue you for the deficient balance resulting from the foreclosure sale. In that case, I think the lender will not be able to come after you for the second loan. However, before letting the lender foreclose the property, I would suggest you to speak to a foreclosure attorney in this regard and take his opinion. Thanks

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