Legal Question in Real Estate Law in California
The lender on my second mortgage foreclosed as soon as I was 2 months behind on my 1st mortgage. I was trying to get a loan modification. I was not at all delinquint on my second. I feel I have a cause for action, however this was over a year and a half ago, I was out of work and out of a home going thru a nasty divorce, This is California, Is it too late to file a suit?
1 Answer from Attorneys
It does not seem as though you have a statute of limitations problem, but before you pursue this too far, you need to look at the terms of your now-foreclosed second. Generally, second loans require the borrower to remain current on the 1st, and a delinquency on the 1st is an act of default on the second. Nevertheless, I'd encourage you to seek a free initial consultation with a real-estate lawyer near you (if you can find one that isn't swamped with work) to review all the procedures followed by the foreclosing lender. Or maybe I should say whether it followed all the procedures it should have. Just keep in mind that not making the payments on time is not the only way a borrower can commit a default.
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