Re: California Judicial/Non Judicial concern


Posted by Jim V on January 25, 2009 at 22:52:30:
In Reply to: Re: California Judicial/Non Judicial concern
Posted by dr on January 25, 2009 at 22:32:10:dr,

Don't think we are disagreeing here, but if the first forecloses, I'd think the second isn't going to be bound by the one action rule, because they are unsecured when they've been wiped from title by the first's foreclosure action. They can't foreclose non-judicially or seek judicial foreclosure, the borrower doesn't own the property anymore.

I've never seen anything that specifically defines the rights of a previously secured second whom is now unsecured debt. Purchase seconds are a relatively new phenomenon, I don't know that the law has actually caught up to that practice. BK is generally a way to remove/reduce unsecured debts that cannot be repaid by a borrower which I know you are aware of. That's a non-legal opinion, if you have a reference regarding those wiped seconds and their possible impacts, I'd love to read it.


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