Legal Question in Banking Law in California

Good Morning, I had a 80/20 loan with Country Wide Home Loans, now BOA. In 2007, I was unable to afford our home due to husbands job lost. In 10/2008, the house was foreclosed and sold. 1st loan went into foreclosure, 2nd loan is still pending for foreclosure. This is my 1st Money Purchase Home with no line of credit, any equity taken out, or refinance. How can I get the bank to fasten the process of closing the second loan. I have been in contact with them for 2 years now. Trying to figure out what is going on. They are constantly giving me the run around. I have been told for two years now that the loan will stay in collections until the investors decide what they want to do (unable to tell me what that means), now, I am being told it is in pending status for foreclosure because the bank is deciding whether to come after me or charge it off. What to do? Am I liable? How can I fasten the process?


Asked on 4/26/11, 7:29 am

1 Answer from Attorneys

You need to go see a lawyer in person about this. I sort of get what is going on, but some of what you say doesn't make sense, and to sort it out is going to require an in-person conversation. For example, if the 1st foreclosed, the 2nd cannot ever foreclose. They would have lost their mortgage in the foreclosure like you lost the house. Furthermore, if BofA held both the first and second there would be no "investors." So, without having that dialog with you to figure this out and straighten out the details, any attorney's advice is not going to be very accurate.

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Answered on 4/26/11, 12:28 pm


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