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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: CA Foreclosure question on 2nd Posted by Craig in LA on April 10, 2009 at 6:01 PM In Reply to: Re: CA Foreclosure question on 2nd posted by Kristine-CA on April 10, 2009 at 9:56 AM : Craig: I've been wondering about this for awhile since I've read about breach of contract claims on other message boards. Have you seen any lender actually go forward with this? Or seen a court case where the second was able to side step the one action rule? If indeed the courts are going with that, then there are going to be lots of judgments out there. Future collectable receivables.... : : : : Hi Kristine. Thank you for offering some insight into my situation. I will cease all contact with them from now on. The foreclosure sell date on 4/17/09 is for the 1st Mortgage with Wells Fargo Home Mortgage ($252K). The 2nd ($64K) with Wells Fargo Home Equity are the ones who are calling and threatening me. Their was absolutely no fraud on my part as I had no idea nor ever planned on renting this condo out. Thanks, Billy F : : First, stop talking to the lenders. Second, you may have run afoul of the "one action rule" which would allow the 2nd TD lender to pursue the equivalent of a breach of contract claim against you if they did not foreclose on the lien position. This is rather complicated and I am thinking of writing an article on this to post in the near future. I suspect this is what they are talking about. No, right now we are seeing the claim sold to collections agencies for pennies on the dollar, then the collection agencies grind away attempting to collect. As the economy starts to improve and people's income improves, we may see actual collection actions. Since the debt at that point is unsecured, it should be fairly easy to BK it away if the collection agencies get too aggressive. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Craig: I've been wondering about this for awhile since I've read about breach of contract claims on other message boards. Have you seen any lender actually go forward with this? Or seen a court case where the second was able to side step the one action rule? If indeed the courts are going with that, then there are going to be lots of judgments out there. Future collectable receivables.... : : : : : : Hi Kristine. Thank you for offering some insight into my situation. I will cease all contact with them from now on. The foreclosure sell date on 4/17/09 is for the 1st Mortgage with Wells Fargo Home Mortgage ($252K). The 2nd ($64K) with Wells Fargo Home Equity are the ones who are calling and threatening me. Their was absolutely no fraud on my part as I had no idea nor ever planned on renting this condo out. Thanks, Billy F : : : First, stop talking to the lenders. Second, you may have run afoul of the "one action rule" which would allow the 2nd TD lender to pursue the equivalent of a breach of contract claim against you if they did not foreclose on the lien position. This is rather complicated and I am thinking of writing an article on this to post in the near future. I suspect this is what they are talking about. : No, right now we are seeing the claim sold to collections agencies for pennies on the dollar, then the collection agencies grind away attempting to collect. As the economy starts to improve and people's income improves, we may see actual collection actions. Since the debt at that point is unsecured, it should be fairly easy to BK it away if the collection agencies get too aggressive. [ 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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