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sueing buyer for 2nd mortgage

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Icon Mini Profile codysmum123





Joined: 18 Oct 2009

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Post Posted: Sun Oct 18, 2009 12:10 pm    Post subject: sueing buyer for 2nd mortgage
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I sold my property in California and took a second. The property has been forclosed on. Can I bring a suit against the buyer, and how long do I have to do this?
Icon Mini Profile sunnyca2009





Joined: 04 Aug 2009

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Post Posted: Sun Oct 18, 2009 2:10 pm    Post subject:
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Codysmum

You question is confusing, can you please clarify
juli

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Post Posted: Sun Oct 18, 2009 6:11 pm    Post subject: 2nd lein holder
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I sold my property, I took the second, the 1st forcosed on the property. What actions can be taken and how long do I have to try and get some of my money back? Is there a statute of limitations on this type of law suit.
Icon Mini Profile sunnyca2009





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Post Posted: Sun Oct 18, 2009 6:14 pm    Post subject:
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If you sold your property, how cna thebank foreclose?

If you sold your property, which money you are lookign to get back?
juli

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Post Posted: Mon Oct 19, 2009 12:59 pm    Post subject: 2nd mortgage holder
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I took a second on 1/4 of the total sale. I now have lost that money because the buyer went into forclosure. The lender in first place forclosed on the property, he now owns it. I understand if he sells it for more than is owed him I would recieve some monies. The current value of the property is quite a bit less than I sold it for the first time. Do I have any recourse, with the buyer or the 1st lender, to get back any of the money I have lost?
Icon Mini Profile savior70





Joined: 25 Mar 2009

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Post Posted: Wed Oct 21, 2009 6:43 am    Post subject:
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To Juli,

Quote:
I took a second on 1/4 of the total sale. I now have lost that money because the buyer went into forclosure.


Do you mean you took a second loan on the property to help the buyer make the purchase? In case you did take a loan against the property to help the buyer, I believe there must be some sort of agreement between you and the buyer. If there's an agreement, you can surely take some legal action against the buyer for failing to keep his commitment as per the agreement. But if there’s no such agreement, you do not have any recourse to file lawsuit against the buyer.
Icon Mini Profile codysmum123





Joined: 18 Oct 2009

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Post Posted: Wed Oct 28, 2009 12:27 pm    Post subject: 2nd mortgage
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I did take a second on the loan to help the buyer make the purchase, and I do have signed notes to that effect. I think I can sue him for breach of contract in California. I would like to know if there is a specific time limit on filing a suite such as this, and would it start from date of purchase or from time of forclosure?
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