My question involves a foreclosure in the State of: California
I have an 80/20 first/second loan structure, nothing down, interest only. Both loans were for the sole purpose of purchasing the home I live in and I have not refinanced the loans. Are they both considered purchase money loans under CA law? Is it true that both loans are non-recourse, so that if I'm foreclosed upon the lenders cannot come after me for the difference between what's owed and what the house eventually sells for?
It looks like I'm upside down by about $100 to $150 K, and I'm trying to understand all my options and ramifications thereof. Thank you.