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I am been sued by a bank who bought the rights of a 2nd mortgage that foreclose in 2011

Can they still do that? Do I need to settle or fight it? by somerida490 from , California. Aug 30th 2017 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

That's a question for a California attorney who specializes in real estate/mortgage issues. But in general, California does have Anti-Deficiency laws.. What this means is that when you purchased your home, if yo did a first and a 2nd at the exact same time (*Purchased Money Loan), then once the property has been foreclosed on, the lender cannot come after you for the balance. If however, the 2nd was taken out much later.. then that would not typically fall under the anti deficiency laws.. you could be responsible to pay the difference. There's also the Statue of Limitations.. Since this is a "Civil" suit.. some states require they file within 2 years,, other states allow up to 7 years.. Regardless of what your scenario is, you should spend a few dollars and sit with an attorney and let him look at your complete scenario.. he should be able to give you the right advice. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Aug 30th 2017
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