Posted on: 17th Aug, 2009 03:39 pm
If my home forecloses or I short sale in CA. Can the 2nd lender garnish my wages to recoup their loss? What are my options in dealing with the second lender? I would still have a job, but I won't make enough to cover both mortgage notes.
This is a question for a lawyer to see what the foreclosure laws are in your state...they vary in every state. here is a link that may provide more infromation
"http://www.foreclosureradar.com/ca-foreclosure-law"
good luck
(I have found that if you have a negative net-worth, that most lenders first or second lenders will not seek any further garnishments....just my experience)
Best of Luck
[External link deactivated as per forum rules]
"http://www.foreclosureradar.com/ca-foreclosure-law"
good luck
(I have found that if you have a negative net-worth, that most lenders first or second lenders will not seek any further garnishments....just my experience)
Best of Luck
[External link deactivated as per forum rules]
Goldens,
Welcoem to the forum
Check this out. It has some good information
http://www.mortgagefit.com/second/promissory-note.html
Good luck and feel free to ask
Welcoem to the forum
Check this out. It has some good information
http://www.mortgagefit.com/second/promissory-note.html
Good luck and feel free to ask