Legal Question in Wills and Trusts in California

I heard in California with a death of only motgagee when going into probabte the mortgage company cannot take anything more than the house back as payment even though the house is worth less than owed?


Asked on 1/28/11, 4:53 pm

1 Answer from Attorneys
Frankie Woo Fiducia Legal

Depends on the whether this was a purchase money loan secured by the property, meaning the loan was taken out to purchase the home. If it was an equity loan, and the mortgagee used the money to pay personal expenses, it is a recourse loan and the mortgage company can go after the deficiency.

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Answered on 2/10/11, 5:41 pm


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