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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] CA Foreclosure question on 2nd Posted by Billy F on April 08, 2009 at 4:52 PM I purchased a condo in October 2005 as my primary place of residence in San Jose, CA. I have two loans (80/20) with Wells Fargo Home Mortgage (1st) and Wells Fargo Home Equity (2nd). Both of these loans are "purchase money" loans and I have never refinanced. I lived in this condo as my primary place of residence for about 6-7 months, then moved out to rent the condo out. I was notified that the foreclosure sale date has been set to April 17, 2009. I received a call from Tiburon Financial (they have been hired by Wells Fargo Home Equity) to secure the balance of $64K that I owe on the second loan. The person I spoke to threatened me that I must pay this balance or accept a settlement. If I understand CA law correctly, because the 2nd was a “Purchase Money” loan, isn't their only recourse is to take the property back? I can prove I lived there as my primary place of residence for the 6-7 months I lived there, but Tiburon Financial is saying I must prove I have lived at this condo for the whole duration from when I purchased the condo. Can somebody shed any light on this situation? Any advice and information you can provide would be greatly appreciated. Thank you Follow Ups: Re: CA Foreclosure question on 2nd kingside 1:14 AM, 04/09/09 (1) Re: CA Foreclosure question on 2nd Billy F 8:57 AM, 04/09/09 (0) Re: CA Foreclosure question on 2nd Kristine-CA 6:14 PM, 04/08/09 (4) Re: CA Foreclosure question on 2nd Billy F 9:05 AM, 04/09/09 (3) Re: CA Foreclosure question on 2nd Craig in LA 7:28 PM, 04/09/09 (2) Re: CA Foreclosure question on 2nd Kristine-CA 9:56 AM, 04/10/09 (1) Re: CA Foreclosure question on 2nd Craig in LA 6:01 PM, 04/10/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I purchased a condo in October 2005 as my primary place of residence in San Jose, CA. I have two loans (80/20) with Wells Fargo Home Mortgage (1st) and Wells Fargo Home Equity (2nd). Both of these loans are "purchase money" loans and I have never refinanced. I lived in this condo as my primary place of residence for about 6-7 months, then moved out to rent the condo out. I was notified that the foreclosure sale date has been set to April 17, 2009. I received a call from Tiburon Financial (they have been hired by Wells Fargo Home Equity) to secure the balance of $64K that I owe on the second loan. The person I spoke to threatened me that I must pay this balance or accept a settlement. If I understand CA law correctly, because the 2nd was a “Purchase Money” loan, isn't their only recourse is to take the property back? I can prove I lived there as my primary place of residence for the 6-7 months I lived there, but Tiburon Financial is saying I must prove I have lived at this condo for the whole duration from when I purchased the condo. Can somebody shed any light on this situation? Any advice and information you can provide would be greatly appreciated. Thank you [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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