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  1. #1

    Default What is the Statute of Limitations on a Second Mortage in California

    My question involves a mortgage in the state of: CA

    We currently have a second mortgage that we haven't paid in almost 4 years. It was used to help purchase our house, it isn't a line of credit. It has been sold to a debt collector who is trying to settle with us. My question is, I noticed in CA the statue of limitations on collecting on a debt is 4 years. Does this situation apply to us? It'll be 4 years in a week. If we decide not to settle, will the 2nd go away or will they still try to collect?
    Thanks

  2. #2
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    Default Re: What is the Statute of Limitations on a Second Mortage in California

    Quote Quoting Michelle3993
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    My question involves a mortgage in the state of: CA

    We currently have a second mortgage that we haven't paid in almost 4 years. It was used to help purchase our house, it isn't a line of credit. It has been sold to a debt collector who is trying to settle with us. My question is, I noticed in CA the statue of limitations on collecting on a debt is 4 years. Does this situation apply to us? It'll be 4 years in a week. If we decide not to settle, will the 2nd go away or will they still try to collect?
    Thanks
    A mortgage is secured by the property. They can always collect against the property within three months after a sale. Their problem is CCP 726. There they have the single action rule. If the junior lienholder starts foreclosure, then they have to ensure the primary lienholder is paid off.
    337. Within four years: 1. An action upon any contract, obligation
    or liability founded upon an instrument in writing, except as
    provided in Section 336a of this code; provided, that the time within
    which any action for a money judgment for the balance due upon an
    obligation for the payment of which a deed of trust or mortgage with
    power of sale upon real property or any interest therein was given as
    security, following the exercise of the power of sale in such deed
    of trust or mortgage, may be brought shall not extend beyond three
    months after the time of sale under such deed of trust or mortgage.

  3. #3

    Default Re: What is the Statute of Limitations on a Second Mortage in California

    So in other words, even after the statue of limitations of 4 years has expired, the can try to collect on the second?

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