second mortgage debt: Second Mortgage Foreclosure Lawsuit Situation - Washington State Law - 10/30/09 04:38 PM
One of my clients just inquired about the following. I consulted this with my local real estate attorney.
Situation:
The client had two mortgages on the house. This were original purchase money loans. NO refi or Heloc. The client got foreclosed. The second mortgage holder is now after the homeowner. They are threatening law suit. Can that happen?
Reply:
Oscar:
I do not believe there is any protection for "purchase money" mortgages in WA.
Here is the relevant portions of the statute. There is no deficiency judgment if the elected remedy is a non-judicial trustee sale foreclosure and the sale is … (0 comments)
|
second mortgage debt: Foreclosed Second Mortgage Law Suit Threat and Situation - 10/30/09 12:55 PM
xxx:I understand that you did not refinance. You bought the house with the mortgages present at the time of foreclosure. Is that right? The majority of states have purchase money protection statutes. Oregon and California do for sure. Maybe Washington does not. There are some caveats as well. For example, in Oregon, once the second mortgage is over around $120K, it is treated differently. I work in Oregon and Washington, so this knowledge is very important to me. I will ask my local Washington attorney for my own knowledge sake. They deal with this issues all the time. Often they take … (4 comments)
|
second mortgage debt: Post Foreclosure Situation - 01/01/09 11:22 PM
D:I am glad to hear from you. Where are you now?Thanks for giving me a shot on your transactions. The last I heard about Sage, the property was going to be foreclosed December 9th.Your properties in Oregon and California were secured by trust deeds. Most likely in all of them you got foreclosed by the first mortgage. Since non of those where primary residences, most likely you will still owe on all the second mortgages that you had. Confirm this with your attorney or CPA. I can tell you what generally and most likely will happen. In Hawaii things are different. … (1 comments)
|
|
|
|
;)
;)
