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second loans

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r.e. Guest	Posted: Wed Nov 04, 2009 5:11 pm    Post subject: second loans Like 0 Dislike 0 my question is: In the state of California, can second mortgage holders come after the home owners if the property was forclosed or short soled? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Wed Nov 04, 2009 10:04 pm    Post subject: Like 0 Dislike 0 Hi r.e., The lender can come after you for the second loan even after foreclosure or short sale. If you do not pay the loan off it is considered a breach of contract and the lender can sue you for this. California is a non-recourse state and there are anti-deficiency laws. But most of these laws apply to first mortgages. Thus, the second lender definitely has the right to come after you after foreclosure or short sale.

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