Legal Question in Real Estate Law in California

deed in lieu of foreclosure in California

Deed in lieu of foreclosure was issued to the Second lienholder on our house in California. The lienholder has not assumbed the first mortgage. What happens if he fails to pay the first or dies before loan is paid off?

Will we be liable for the first mortgage csince the loan was never assumed by the second lienholder on property.


Asked on 1/26/08, 12:45 am

1 Answer from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Re: deed in lieu of foreclosure in California

The death of the "new owner"/former 2nd lien holder would have little effect; he foreclosure by the holder of the 1st will be indifferent as to whether it is foreclosing due to the deault of the individual or his estate.

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Answered on 1/26/08, 4:45 am


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