Posted on: 01st Feb, 2011 11:57 am
my husband's house has been foreclosured Dec 2008 in California. can the second loan come after him If he buying a house after Dec 2011?
Welcome milky,
The second lender has the rights to come after your husband in order to collect the balance amount resulting from the property sale. However, as 3 years have already passed since the foreclosure, I don't think the lender will come after the property rather he might have charged off the loan and sold it off to a collection agency.
The second lender has the rights to come after your husband in order to collect the balance amount resulting from the property sale. However, as 3 years have already passed since the foreclosure, I don't think the lender will come after the property rather he might have charged off the loan and sold it off to a collection agency.
Now, the other problem of second loan has popped up! my husband got a letter from collection agency. (We live in California and the second loan was purchase money only for the house which has been foreclosure).what will happen if my husband ignoring the letter? can the collection agency sue my husband and come after my husband's other house or asset (income,stock etc.)?
Hi milky!
Welcome to forums!
As you live in California and as it is a purchase money mortgage, your lender won't be able to come after you for the payments. You're also not liable to pay them. I don't think that the collection agency can sue your husband.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you live in California and as it is a purchase money mortgage, your lender won't be able to come after you for the payments. You're also not liable to pay them. I don't think that the collection agency can sue your husband.
Feel free to ask if you've further queries.
Sussane