Asked by Rachel Wentworth, Las Vegas, NV • Fri Jan 30, 2009
This is actually a follow up to a previous question I asked regarding whether lenders are pursuing deficiency judgments in California. The second lender is willing to settle our loan for 10 cents on the dollar. If the first lender forecloses and the second is wiped out, I know the second is a recourse loan and the lender may pursue a judgement and/or collection. Should I just settle and get it over with, or let them try to chase us? We do have some assets (not much) but are trying to determine whether we should also have an asset protection strategy in place.
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