Asked over 2 years ago - San Juan Capistrano, CA
FlagI foreclosed my home almost 2yrs ago, today I received a letter from a law firm that i need to pay or make payments and they gave me 2 weeks to contact them if not they will take legal actions, but my 2nd mortgage is a purchase money? What should I tell them or need to do?
If the first and second were with the same lender, and both were purchase money mortgages, the foreclosing lender has no recourse based on its 2d mortgage under a California case. If the 2nd is with a different lender, that lender is a sold-out junior lienholder, its security was wiped out by the foreclosure by the first lender, but it may sue on the note, in general. You may have to have your documents reviewed by a real estate attorney.
For informational purposes; no attorney-client relationship created.
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