Statue of Limitation on a equity line
Date: Thu, 05/09/2013 - 11:43
I have two loans in my house in California, I m trying to Modify the first loan but the second I have not paid in over 4 year, real time resolutions has the debt...can you tell if they can collect or foreclose on that second Loan... Is the statue of limitations working on my favor?
The second lender can
The second lender can certainly try to collect the loan. However, the second lender can't foreclose your house. Even if the house is foreclosed, then the sale proceeds will be used to pay back the primary mortgage lender first. Once your first loan is satisfied, then only the second mortgage lender will receive money from the sale proceeds.
When did you make the last payment on the second mortgage?
Someday, I'd like to go to
Someday, I'd like to go to the park or museum wherever this "statue" is and see it for myself.
Everybody seems to be talking about it.
Sorry, couldn't resist. :P
