Legal Question in Real Estate Law in California

I brought a house now I\'m walking away. I have first and second mortgage and home line of equity. I think I know the first and second will be write off, but what happen with home line of equity. How should I handled that?


Asked on 7/30/09, 3:28 am

1 Answer from Attorneys
Terry A. Nelson Nelson & Lawless

"Handle"? If it was an actual purchase money 1st TD, not a refinance, the 1st lender will foreclose and be limited to what they can get out of the house, unless they can show fraud in your application. Any other TD holders can and will sue you for deficiency judgment unless they get paid off in foreclosure sale [which is unlikely].

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Answered on 7/30/09, 2:45 pm


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