08
Mar

2nd mortgage taken out to buy my house, if i go in to forclosure can I be sued?

Archived in the category: 2nd mortgages

I bought a home with an 80/20 loan, I used a 2nd mortgage as a down payment. If I go into foreclosure can I be sued for the 2nd mortgage? I heard that since I took it out to buy the house I can not be sued for it by the bank. I live in California. Also what can I be sued for?

Leroy
See a Real Estate Attorney for this answer.
At this time they are not going after the 2nds taken on a home purchase in California.

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Posted by: admin - 2 Comments

2 comments for “2nd mortgage taken out to buy my house, if i go in to forclosure can I be sued?”

.1
Big Deal Maker

Leroy
See a Real Estate Attorney for this answer.
At this time they are not going after the 2nds taken on a home purchase in California.
References :

March 9th, 2010 at 3:59 am
.2
Expert Realtor

Yes and no….

This is where the laws in California are not clear.

The law protects you on a first mortgage…you have two…thus the problem. Courts in CA are going back and forth with it….as some argue that if you took out two loans your second is not protected.
References :

March 9th, 2010 at 4:15 am

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