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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Sue on the delinquent note... Posted by Scott on April 11, 2009 at 12:12 AM In Reply to: Sue on the delinquent note... posted by Ward-CA- on April 11, 2009 at 11:25 AM Ward, What do you think the odds are that the lender actually DOES sue on the note or initiate a judicial foreclosure? Has anyone ever seen/heard of a lender doing such in CA? Or do you think they would just initiate a non-judicial and write-it off at the TS auction? Thx, Scott : Scott, : The second lender can either foreclose or sue on the note. Pursuing the note to a judgment the lender could then attempt to satisfy his judgment via a wage garnishment, or levy against bank accounts or seize equipment or vehicles, etc. : -------Ward : ========= : : I'm a broker and came across this situation: : : The property is owner occupied with a purchase money first ($130K) and a refi'd second ($170K). Property valued at $125K. What recourse does the second lender have if the owner stops paying the second BUT KEEPS THE FIRST CURRENT? I doubt very seriously the second would foreclose because of the numbers. : : Can the second lender sever the lien from the property to pursue a wage garnishment or other enforcement action? Or do they have any other recourse other than waiting for values to come back around? : : Any thoughts?? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Ward, : What do you think the odds are that the lender actually DOES sue on the note or initiate a judicial foreclosure? Has anyone ever seen/heard of a lender doing such in CA? Or do you think they would just initiate a non-judicial and write-it off at the TS auction? : Thx, : Scott : : Scott, : : The second lender can either foreclose or sue on the note. Pursuing the note to a judgment the lender could then attempt to satisfy his judgment via a wage garnishment, or levy against bank accounts or seize equipment or vehicles, etc. : : -------Ward : : ========= : : : : I'm a broker and came across this situation: : : : The property is owner occupied with a purchase money first ($130K) and a refi'd second ($170K). Property valued at $125K. What recourse does the second lender have if the owner stops paying the second BUT KEEPS THE FIRST CURRENT? I doubt very seriously the second would foreclose because of the numbers. : : : Can the second lender sever the lien from the property to pursue a wage garnishment or other enforcement action? Or do they have any other recourse other than waiting for values to come back around? : : : Any thoughts?? [ 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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