Legal Question in Real Estate Law in California

Re: california real estate law

Was this your primary residence, and did the loan application say so?

Were the loans both used for purchase money? (Your question implies as much, but "never a re-finance" is not quite the same as purchase money, because, for example, you might have paid cash then later financed for the first time).

My guess is that some speculator is going around buying up essentially worthless notes for pennies on the dollar, in the hope that someone might pay up even though they couldn't be forced to pay.

If you have been sued or threatened with suit, please contact me directly with particulars, including answers to the above questions.

Another remote possibility is that a note holder might sue on some collateral issue not limited by the antideficiency laws, such as a suit for fraud in making the loan application, or for voluntary waste of the collateral, examples of which might include failure to call the plumber to fix a leaking pipe, or logging off the landscape trees and selling them to the sawmill a week before the foreclosure sale.