Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

The California “One Action Rule” (Security-First Rule) – Can you second mortgage lender sue you on the note for default of the junior mortgage / deed of trust
  We have been getting many calls lately from California homeowners (and even some commercial business owners) asking us if their lender can hold them liable for their second mortgage in California.  And if so, can they sue them on the note without first seeking the foreclosure route.  This article will attempt to provide some illumination to these issues and will relate to owner occupied single-family residences in California who have second mortgages that are in default or at risk of going into default.  At issue is the One Action / Security First Rule of California Code of Civil Procedure Section 726(a).
 This article is general legal information only and not intended to serve as legal advice or a substitute for legal advice.  As law is constantly changing and evolving, the information may not be 100% complete, accurate or up-to-date.  For specific questions about your legal liability in regard to junior loans, please contact a skilled and experienced real estate or foreclosure defense lawyer.
 Steve Vondran is a California Real Estate Lawyer who is licensed to practice law in California and Arizona.  He also holds a real estate broker’s license in California and Arizona and has a background in mortgage brokering and ... more

__________________________________________________
Are you on The Rain? Grow Your Network!