Then a second TD lender obtain a deficiency judgments in California if it was used to buy the house?

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I have a customer who uses 100% financing to buy a house. The conditions were 80% for the first mortgage and 20% TD for the 2nd TD Mortgage. Now, customers in foreclosure and will lose the house to trustees for sale in a few weeks. Since 2 TD is a line of equity loan, he “may” be eligible for deficiency judgments. Because he was purchased as a purchase price when the house would be a non-recourse loans are regarded as the funds were used to set the house to buy? (California)

  1. Reply
    May 1, 2011 at 1:25 am

    What does TD mean? What kind of client? I think you’d need to ask a real estate lawyer in CA for the right answer.

  2. Reply
    Janet P
    May 1, 2011 at 1:54 am

    It is full recourse in CA, but the first one is not.

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