Legal Question in Real Estate Law in California

Re: 2nd Mortgage

It would help to visualize the situation and give competent advice if we had some additional information, including:

(1) Are the parcels both raw land, without buildings?

(2) Are you living in a mobile home or something like that which can be moved from parcel to parcel and/or somewhere else?

(3) How much is each parcel worth? Do you have a recent appraisal or have you asked a real estate person for a market-value estimate?

(4) What county are you in?

(5) Is either or both of the loans "purchase money" rather than a refinancing?

(6) Are you now in default? Have you been served with a formal Notice of Default?

(7) Are the lenders on the 1st and 2nd the same? Done at the same time?

(8) Is the run-down condition of the properties something the lender could blame on you? (A borrower is supposed to take decent care of the collateral, and failure to do so could give rise to claims for damages).

(9) were the loans supposedly for owner-occupied residential real property, or for bare land? (Your rights may be different).

Please either re-ask your question on LawGuru with more details, or contact me directly with the details.

Re: 2nd Mortgage

In additon to Attorney Whipple's poignant questions, you should be aware that a short sale does not necessarily remove the rights of the lienholders. It is possible that they can come after you for the difference between the sale price and the remainder on the loan(s).

This is something to be considered before taking any steps.

If you would like to discuss this matter further in a more private forum, please feel free to contact me directly at the email address provided by LawGuru or through our firm�s website located at PasadenaEstatePlanning.com

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