Re: California Judicial/Non Judicial concern


Posted by Jim V on January 26, 2009 at 00:22:05:
In Reply to: Re: California Judicial/Non Judicial concern
Posted by dr on January 25, 2009 at 23:44:25:dr,

Thanks for the cites, I have no question that purchase money loans are subject to a one action rule when contemplating foreclosure. In my mind, the OP's question is what happens when a purchase money second becomes unsecured. That's what is a little harder to define which is why I mentioned BK as a common way to reduce/eliminate unsecured debt.

http://www.ftb.ca.gov/professionals/taxnews/2007/1007/1007_3.shtml
has some older, but I believe still valid info on issues related to recourse and potential tax issues with forgiven debt.

With that said, I'm done for the night, I'll check the thread in the morning.


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