Posted on: 27th Mar, 2010 11:06 am
I have read many posts in here regards to this matter .. but still uncertain ..
I have a first of about 150k, second similar of 150k ... currently paying trial on the first ( loan mod ) .. second foreclosed .. I believed no one bought the note at the auction, and went back to the beneficiary.
In this situation, would the second has the right to evict me from the property ?
I have a first of about 150k, second similar of 150k ... currently paying trial on the first ( loan mod ) .. second foreclosed .. I believed no one bought the note at the auction, and went back to the beneficiary.
In this situation, would the second has the right to evict me from the property ?
I might add .. my property is in CA, and now worth about 210k .. thanks.
if the second mortgage lender has foreclosed the property, then he has the rights to evict you. if the property has not been sold off at the foreclosure auction, then you can stay in the property for the time being. after the property is sold off, you'll get a notice period of 3 days. you need to leave the property within that time period. if both the lenders are unable to recover the dues from the foreclosure sale, then you would be responsible for paying off the deficient balance.