InnoVest's Foreclosure Forum
Ward takes the stairs.

InnoVest Resource Management's

Foreclosure Forum

Home

Discussion Board

"Hands-On" Training

Title Holding Trust

Annual Reunion

Speaking Schedule

Store

Foreclosure Fundamentals

Code References

Recent Legislation

50 State Foreclosure Basics

Foreclosure Glossary

Foreclosure Statistics

75+ Yrs Interest Rates

Fillable Forms

Archived Articles

Dingbat Retirement Plan

Links

Booklist

Contact / Map | Priceline Tips

About Us

Home

 

Innovest Resource Management BBB Business Review

Def. judgment geeks pls chime in

November 13, 2011 02:52PM
I have a different reading of 580 than you and some of the other consumer foreclosure advice sites on the internet. The foreclosure on the first did knock off the second lien from title, but it did not eliminate the note. BofA now owns an unsecured promissory note. To my knowledge that note is collect-able. The one-action rule applies to the lender who got back the property. They cannot sue on the def. or on the note because they took the property back as their "one-action". They are finished as their one action was the trustee's sale. But the second still owns a note that you signed, even though it is no longer secured by real property. As for the annoyance of collections, I suggest that you do not speak to them and ignore their mail. If they are going to sue you, you will be served. At that point you can decide to counter sue or file BK or whatever makes sense.

Does anyone here have case law or something I can read that says that the holder of the 2nd has no collection rights on the note after foreclosure on the 1st? Thanks, Kristine
Subject Author Views Posted

80/20 in ca 580b nightmare won't end

Thamann2000 4378 November 13, 2011 01:16PM

Def. judgment geeks pls chime in

Kristine-CA 2943 November 13, 2011 02:52PM

Re: Def. judgment geeks pls chime in

Kingside 2963 November 13, 2011 05:16PM

Re: Def. judgment geeks pls chime in

Thamann2000 2912 November 13, 2011 05:59PM

Re: Def. judgment geeks pls chime in

Kristine-CA 2882 November 13, 2011 07:22PM

Ok, found it

Kristine-CA 2978 November 13, 2011 07:44PM

Re: 80/20 in ca 580b nightmare won't end

Rick Harmon 3049 November 13, 2011 02:55PM

Re: 80/20 in ca 580b nightmare won't end

Thamann2000 3020 November 13, 2011 03:03PM

Re: 80/20 in ca 580b nightmare won't end

BTI 3057 November 14, 2011 07:50PM

Re: 80/20 in ca 580b nightmare won't end

Kristine-CA 3026 November 14, 2011 09:43PM

I called "the source" and got this reply...

Rick Harmon 3109 November 16, 2011 09:52AM

Re: I called "the source" and got this reply...

Kingside 2997 November 16, 2011 12:02PM



Sorry, only registered users may post in this forum.

Click here to login

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2024, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455