How long can a lender come after me for a default on payment for a HELOC that is the second loan and 1st loan forclosed 5 years ago?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How long can a lender come after me for a default on payment for a HELOC that is the second loan and 1st loan forclosed 5 years ago?
Asked on August 22, 2012 under Real Estate Law, California
Answers:
Cameron Norris, Esq. / Law Office of Gary W. Norris
Answered 11 years ago | Contributor
First of all, you should really consult with a local real estate attorney.
That said, unless there was a subordination agreement between the lenders that was recorded, Title Priority Theory provides that once a senior lien is foreclosed on...and when the junior lienholder is given proper notice, then that junior lienholder has no right of action subsequent to that foreclosure proceeding.
So 1) Was there a subordination agreement
2) Was the 2nd mortgage holder (HELOC) served in the foreclosure action
3) Go talk to an attorney.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.