One Action Rule Question
I live in California. We refinanced two years ago and cashed out some money. We have a 30 year fixed mortgage. Most of the cashed out money was used for home improvements. We are having financial diffuculties and are considering letting the bank forclose (walking away.) I have been told because we refinanced, our mortgage loan became a recourse loan. My question is this… since California is a “one action rule” state, and if our loan is now “recourse” can they still sue us for the difference if they forclose? How does that work in California with the “one action rule" and recourse? Also, on my note, there is the Power of Sale verbage.
[ Edited by imbarbra6 on Date 04/05/2009 ]
[ Edited by imbarbra6 on Date 04/05/2009 ]
The one action the lender can choose is judicial foreclosure, and then pursue a deficiency judgment.
Once action and purchase money v. non-purchase money(your situation) have nothing to do w/ one another.
NO.
The lender must seek a judicial foreclosure to get a deficiency judgment.
Good luck.
okay.. just so I understand... even though my loan my be a recourse loan, (in California) he can not recover money if he invokes the power of sale? Are you saying after he forcloses and after the sheriffs sell, he can not go back to court at a later date and sue me? [ Edited by imbarbra6 on Date 04/06/2009 ]
Oh, I thought the Sheriffs sale was the sale on the courthouse steps. ?? confused.
Sheriff sale = Judicial foreclosure
Auction at court steps = Non-judicial foreclosure.
?
I went to www.ebay.com. I put in "Rental Property Leads". The result? I get 0 results found for "Rental Property Leads"
What is a "Rental Property Lead"?
It appears that the listing title was changed. Try MULTI-FAMILY RENTAL PROPERTIES.
I think you are barking up the wrong tree.
If you buy the list, let us know how it pans out. I think they are filtering MLS listings... something you (or a broker) can do with little effort. They say "...there are not enough hours in a year for an individual investor to conduct the research we perform on the scale that we perform it every week!". Not for this investor (me) in my local market. If you are buying locally, prepare to be disappointed by their "research".
A not difficult PHP scraper and 20 "clients" per state... and you can you too could potentially make $25K. Unfortunately most of your "customers" will be pissed off at a minimum... asking for refunds and contacting the AG....
do you have a buddy broker that can close the deal?
Hi,
Just starting to deal with that horrid contract myself. Could you advise what provisions Countrywide was willing to bend on?
Thanks!