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2nd loan charge off in CA

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janet Joined: 21 Nov 2009 Posts: 1 1.30 Dollars($)	Posted: Sat Nov 21, 2009 12:45 pm    Post subject: 2nd loan charge off in CA Like 0 Dislike 0 CA is a non-deficiency state--If a second loan was part of the purchase there is no right to sue...they must only foreclose; QUESTION--is it correct that if the 2nd loan was NOT part of the purchase price but made after, then the 2nd lender CAN sue you? What if the lien is still on the property--must they first foreclose? then aren't they barred from pursuing deficiency or can they still?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Nov 22, 2009 10:24 pm    Post subject: Like 0 Dislike 0 Hi janet, As far as I know, if the second mortgage was not a part of the purchase price, then the lender can sue you for the deficient amount resulting from the foreclosure sale. If the second lender forecloses the property first, then they'll have to satisfy the mortgage dues of the first lender. _________________ Procrastination is the enemy of your financial success

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