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Im now in a foreclosure proceeding, Five months behind on mortgage and HOA, also owed 2nd installment on

property tax. My 1st mortgage are ARM and 2nd are HELOC. Can the 1st and/or 2nd come after me or my asset,bank, put a lien on my other property?? Consult real estate attorney?? Please advice.
Wed May 14 2008, 23:18 - Murrieta - Foreclosure - 3 answers
 
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Joy
Just Looking
in Murrieta
Joy, Just Looking in Murrieta in Murrieta
Answers (3)
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Mike Stenson was FIRST TO ANSWER
For the holders of the 1st and 2nd, if these are both Non "Purchase Money" loans, or loans made when you bought the property and NOT refinances, then the recourse for them is the property. If these are "recourse" loans, refinances, then they would have to pursue a "judicial foreclosure" in order to attach assetts other than your home. We have NOT been seeing the courts overwhelmed by "judicial foreclosures"! If you attempt a "Short-Sale" then they are asking you to cut them a unsecured promissory note for the money owed or another sum. You DON'T have to sign this but you may NOT then close the "Short-Sale" transaction. Either way, consult with an attorney who is versed in real estate foreclosure and/or bankruptcy.

Thu May 15 2008, 06:35
Web Reference: http://www.SonomaCountyShortSales.com
 
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Joy, I am not an attorney, but have assisted many people in foreclosure get out from under the burden. This is what I have been told and I suggest you check it out with a real estate attorney. If your first and second are "purchase money" financing (taken when you bought the home), then in California, the bank cannot come after you for deficiencies.

Thu May 15 2008, 04:22
 
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FIRST ANSWER
They have every right to try to recover their money. If you have assets, they will be looking to recover what they can. I would find the best real estate & bankruptcy attorney I could ASAP if I were you!!!!

Wed May 14 2008, 23:43
 
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