And then I was pointed to a court case that makes it pretty clear. This is a competitive area of finance, and lenders are vying for customers through offering excellent deals on loans. The 1st loan w/ Ocwen was for 547,000 & it was covered in the foreclosure.

We have a dog bite lawsuit that will settle soon, which will cost about 2 years of our current mortgage payments. You have the usual defenses to it but usually those aren't much so they can force the issue eventually by filing for a summary judgment motion, getting a judgment and then garnishing wages, levying on bank accounts, or whatever. Chase recently foreclosed on the condo after 2nd mortgage forms california not accepting a loan modification. California is a "non recourse" state but that only applies to the first mortgage in most cases. Most credit card companies sell your account to collection agencies after four months of non-payment.

Since the one that I brought in 2008 are way under water right now, I am thinking about foreclosing it. Of course he couldn't give me a straight answer, however he told me he has a article where a case back in 83' they couldn't come after you for a judgment when the loans are with the same company. Does bofa have to follow suit if the 2nd with chase forecloses. Jul refinancing your car loan is easier than easy auto refinancing you think and can save you a lot most. I've met quite a few of them who scare borrowers with smoke-and-mirror tactics and frighten them enough to force them down the short sale route versus a straight forward foreclosure, just for the business.

Support small businesses from start up to bad credit start up business loans in dfw the realization of their ultimate she. Although the rates on a 2nd mortgage may be a little higher than standard mortgages, you can still get some great deals and rates on your 2nd mortgage. As long as that security is there, the banks allow you to continue paying the loan in payments. They can send you a 1099 for what you didn't pay though, just like the first lender will send you a 1099 for a deficiency.

My parents do have a second house in both 2nd mortgage forms california of their names with $3500 mo mortgage. Highlights before you read the excerpts from Lexus Nexus below. Two factors are important as to whether a transaction is a variation, or standard. Can they come after us for that money they 1099A us on.

If they think they can intimidate and scare you into paying for that second they will. Kate - your second was given to you using the home as security against the loan. How could this be how could the home be auctions and title change with out the second being cleared twice without the second being cleared also way would a we still be listed with a lien if not twice removed from the title.

But since my other house loan is under the same lender, can the bank do anything to my other loan. Proc., 580b, which reads, "No deficiency judgment shall lie in any event after any sale of real property … under a deed of trust, or mortgage, given to the vendor to secure payment of the balance of the purchase price of real 2nd mortgage forms california property …," operates so that, under a purchase money debt owed to a vendor and secured by the property purchased, the security alone can be looked to for the recovery of the debt in the event of a default in payment. Chase has now started harassing us with collection calls and we aren't sure what to do. We have two mortgages when we purchased our house (which is our primary residence) from the same lender.

You will be able to borrow a substantial sum of money depending on your circumstances, and you can enjoy longer repayment periods, affordable interest rates, and a range of benefits to make your 2nd mortgage more affordable. I have upcoming sale date and they refuse to modify. I am willing to help them but I don't know how. California usually follows federal laws in tax matters but not always. Peters and in all this hard times, a worse incident occurred in my life as i.

We live in CA - we refinanced our original mtg in 2005 and paid off the 2nd with the $$ from the refinance. I called them today and they acted like I still owed them for the 2nd. Anyone looking for a 2nd mortgage in California can really benefit from comparing the various deals available online. Lam Lee, the man GOD used to rescue me and my family. We were in that situation with 2 loans, both same lender, both taken at same time. Charity empowering poor women in sub saharan micro loans africa to work their way out of.

California is more or less a non-recourse state, so that is probably a good call on their part. But the more and more research that I do, I am running into more yesses and nos on the matter. Does anyone know if us doing the immediate refinance and the Green Tree Servicing will affect Green Tree being able to come after us if we foreclose. By comparing the 2nd mortgage deals available these days you can enjoy finding affordable deals and great rates that will enable you to raise finance and enjoy lower monthly repayments.

About Us | Privacy Policy | Stop Foreclosure Now | Deed In Lieu of Foreclosure. This is of course if you never refinanced. TEXAS - about 3 years ago I had to foreclose on an investment property in Dallas though I live in California, just like the others I had a second.

Since I'm in CA and they have the 1 action rule and the 2nd is foreclosing on 2nd mortgage forms california the first (paying them out) I will only be stuck with the 1099 A or C correct. I've stopped making payments to the 2nd and am current on the 1st. Find new, certified or used cars for sale used cars at cars.com by make or city on autotrader com the. Regardless of whether they're recourse or non-recourse.

We received a 1099 on the first loan, and a collections agency is after us for the second loan. I was thinking to maybe incorporate it in a limited partnership with me getting most of the income so that in case my mom is sued, the business income will be safe. I had almost lost hope until a friend of mine referred me to a very reliable lender called Mr Potter Mark who lend me an unsecured loan of $80,000 under 4 hours without any stress. As property prices have inflated over the years, many people have found themselves with a large amount of equity in their properties, giving them the leverage to borrow often considerable sums of cash. In chapter, the court usually grants is chapter 7 for you the discharge days after the a.

Anyway, that's why I've been late in answering. We had a 1st of $383,000 and a 2nd of $115,000 both with Chase. And I got both of the loan from the same bank.

The united guaranteed online acceptance guaranteed personal loans for personal loans states has. They still send a bill every month, but only call about 4x a month. My attorney advised me If the first and second lien were concieved at the same time with the same lender and are for the purpose of buying the house the junior lender has no recourse no matter what. Tom, if you are in CA, you do the same thing as Debbie.

If you mortgage papers contain a Power of Sale clause they will follow the one action rule and take your home and not pursue a deficiency judgment. We don't trust Chase and are afraid if we try to settle they will take us to the cleaners. Blog Archives | Sitemap | Google Sitemap | RSS Feed | Contact. With a 2nd mortgage, the loan is taken out 2nd mortgage forms california in addition to the principle mortgage. The second (or third or whoever) CANNOT come after the borrower if the loans are purchase money loans secured by a deed of trust.

They were recourse because they were refinances and we took cash out. I have tried several times but was declined because I was told I was not in harm in loosing my home. CCP 580b applies to a junior lienor whose security has been rendered valueless by foreclosure of a senior encumbrance. I live in California in the lower Desert of Riverside County ( Very Depressed with high unemploynment.

For information on the state you live in see states that are non-recourse but remember that it doesn't apply necessarily for a second mortgage. Does bofa have to follow suit to protect thier interest.By the way I want to keep my home. The court barred the bank from recovery on the second note, holding that it amounted to a deficiency barred by 580d. And if they haven't foreclosed they can come after you in civil court as a breach of contract complaint.

My loan is 1st and 2nd, both are same lender (Primary home), my question is. But you don't say if yours is purchase money or not. What is your experience or knowledge of this. Bad credit loans are loans products that are top 5 bad credit loans specifically created for people with a.

For example, can they foreclose my other house also. First, the court must decide whether the secured loan is a standard purchase money transaction to which CCP 580b automatically applies. So yep, they will now expect you to pay. Our home sold for $225,000 and in negotiations between the two departments of Chase the 2nd accepted $15,750 to release the lien on the property for it to sell. Am I liable for the debt still after 2 years.