You need legal help to find out. The laws have changed over the last few years and they can tell you what the laws were at that time, and how to handle it.
I hope it works out for you,
If you would like to contact me I can refer you to an attorney that SPECIALIZES in these types of situations. his fees are very reasonable and he is very responsive.
Tim Jarnot - Broker
TD Pacific Investments
Consult with an attorney. You also have the option of filing bankruptcy to wipe out the 2nd and any other debt that you may have accumulated. Seeing that you have a foreclosure already, this may be a viable option for you. What do you have to loose? Again, consult with an attorney.
All the best,
Kat Becker, Realtor
Prudential California Realty
The lawyer will be able to confirm whether you do or do not owe the 2nd anything based on whether the 2nd was AND REMAINED a non-recourse purchase money loan. If you do not owe anything the lawyer can help to stop the collection calls and if you do owe a balance can negotiate a possible settlement.
In you most recent post you state:
"The loan was definitely a purchase money loan. It was used to buy the house."
My understanding is that if a senior lienholder forecloses on a property the "wiped out" junior lienholder who no longer has a secured note MAY NOT sue on the promissory note if in fact if it was a Lender/Seller non-recourse purchase money loan. HOWEVER, refinancing the 2nd would have REMOVED the non-recourse protection!
The loan was definately a purchase money loan. It was used to buy the house. That's why I don't understand why Chase still comes after me. However, some people said they have the right to come back and they said don't. My biggest concern is would chase file a lawsuite to force us to pay them back?
Excellence Real Estate
Great answers given. Your collateral is gone and now they are after you. It sounds like a recourse debt. If you want help in settling this account you can get more help by calling this number (888) 913-4910. You may also want to address this question to a legal counsel by visiting web reference below and clicking at "Ask a Lawyer" all the way at the bottom of the site; it's free.
Have a blessed day,
If you need low cost assistance try http://www.lawhelpcalifornia.org
As a Certified Distressed Property Expert, I hope you would have done a Short Sale. As of right now the 2nd lien absolutely has the right to go after you. remember that this is an unsecured debt, no different than you owing money to your uncle per say. I suggest you get in touch with a qualified legal Counsel who can help you in this matter. They will charge you money. If this was me I would have negotiated with the collections agency myself and if they did not want to take what I offered them then the other options I would have looked into was to retaining an attorney or even file BK if it made sense.
A collection agency acquired this debt for pennies on the dollar you may offer them 10-33% TO SETTLE THIS DEBT.
cALL ME AT 818-919-5656 If you need more info. Wish you luck.
FOr all those out there reading this who are behind on payments,Don't get foreclosed upon. Ask for help. Short Sale protects you . Know your options before you decide to walk away.