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  1. #1
    Join Date
    Apr 2012
    Location
    California
    Posts
    4

    Default Statute of Limitation on Second Mortgage

    My question involves a mortgage in the state of: California

    I have a 2nd mortgage that I subsequently took after the house was purchased. We have defaulted on the payment since 2008. We have since done a loan mod on our 1st and are current. House value is still 50% under of the loan amount on the 1st mort.

    1.Does the statute of limitation apply to this?
    2.Can they foreclose my house? if so, when? when the values are back up?

    any other info appreciated

  2. #2
    Join Date
    Sep 2010
    Posts
    9,270

    Default Re: Statute of Limitation on Second Mortgage

    As long as the security exists and the loan has not been satisfied, they can foreclose.
    If they foreclose and it does not net the money to satisfy the debt, they can pursue a deficiency judgement.
    As this was NOT a purchase money loan in your state, the loans are with recourse.

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