Results 1 to 4 of 4

Hybrid View

  1. #1

    Unhappy Second Loan Refinanced

    My question involves a foreclosure in the State of: CA

    My wife and i bought our town home in the bay area in 2005 and lived there for 2 years. We refinanced the 2nd loan within a month of buying the home as the loan agent locked in a better rate. all the money was applied to paying for the intial 2nd mortgage.

    We bought another home in 2007 and were hoping to sell the town home. We made the biggest mistake by buying the second home first and then trying to sell the first home.
    By then it became too late and the house sat on the market forever and we finally rented it out.

    We are due for a interest rate adjustment on the primary loan of the rented home which was a 5/1 ARM. The rental home is now unaffordable...

    We would like to keep our current home and foreclose on the rental home what are our options.

  2. #2
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: Second Loan Refinanced

    Quote Quoting notsmartatall
    View Post
    My question involves a foreclosure in the State of: CA

    My wife and i bought our town home in the bay area in 2005 and lived there for 2 years. We refinanced the 2nd loan within a month of buying the home as the loan agent locked in a better rate. all the money was applied to paying for the intial 2nd mortgage.

    We bought another home in 2007 and were hoping to sell the town home. We made the biggest mistake by buying the second home first and then trying to sell the first home.
    By then it became too late and the house sat on the market forever and we finally rented it out.

    We are due for a interest rate adjustment on the primary loan of the rented home which was a 5/1 ARM. The rental home is now unaffordable...

    We would like to keep our current home and foreclose on the rental home what are our options.
    The first loan is not subject to a deficiency on the original home as it was your primary home for awhile and the loan was NEVER refinanced.

    The second loan can sue you for the entire amount. They can then attatch a judgment to other property that you own along with a garnishment of assets.

  3. #3

    Default Re: Second Loan Refinanced

    Hi Oh My,
    I was wondering if you could please give me some info? I am in foreclosure. I did not refinance. I live in CA. My question is, can the 2nd come after their money? I just got off the phone with them and they informed me that that when my house forecloses (in 1 month), they will send my account to a creditor. They tell me my second is not secured - it's a unsecured loan. Can they still collect their money??
    Thank you, Mylissa

  4. #4
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: Second Loan Refinanced

    Quote Quoting Mylissa
    View Post
    Hi Oh My,
    I was wondering if you could please give me some info? I am in foreclosure. I did not refinance. I live in CA. My question is, can the 2nd come after their money? I just got off the phone with them and they informed me that that when my house forecloses (in 1 month), they will send my account to a creditor. They tell me my second is not secured - it's a unsecured loan. Can they still collect their money??
    Thank you, Mylissa
    If you signed a normal loan and not a second mortgage that was recorded, they can claim that it is just a loan default and they can sue you.

    If you signed an actual mortgage it would have had to be recorded with your original deed. In that case the following law applies;

    http://stopforeclosure.com/Californi...losure_Law.htm

    You need to look up your original HUD-1 closing statement and your title insurance policy and see just exactly how this loan was closed.

    1. Sponsored Links
       

Similar Threads

  1. Divorce: Ex-Spouse Has Not Refinanced Her Vehicle, What Do I Do
    By torre in forum Divorce, Annulment and Separation
    Replies: 1
    Last Post: 06-05-2011, 08:38 AM
  2. Liens and Encumbrances: Property Refinanced Without Lien Being Paid Off
    By Cass3dy in forum Real Estate Ownership and Title
    Replies: 2
    Last Post: 01-01-2011, 09:30 AM
  3. Can I Refinanced an Auto Loan Due to Being Unemployed
    By bethlog in forum Cars and Dealerships
    Replies: 1
    Last Post: 07-23-2010, 12:19 PM
  4. Foreclosure: 2nd Loan Refinanced in California
    By mom_4_bigdog in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 04-10-2009, 03:29 PM
  5. Foreclosure: Two Loans: Second Loan Was Refinanced
    By lelehm526 in forum Buying, Selling and Conveying Real Estate
    Replies: 8
    Last Post: 03-27-2009, 07:39 PM
 
 
Sponsored Links

Legal Help, Information and Resources