I have a 80/20 mortgage, i heard that in CA foreclosure the 2nd mortgage has special laws.?
Written By: admin on September 24, 2009
One Comment
I have heard that if the 2nd mortgage was bought with the home then in foreclosure you can be sued for it but a judge will throw out the case because it is secured by the property. Is this right? something about a HUD-1 statement. I have never refinanced or used the HELOC(2nd mortgage)
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If your second Mortgage is a "Buy Money Mortgage" that means that the second mortgage was used to buy the property, the lender cannot pursue you for a deficiancy judgment.