California BofA HELOC bought BofA first mortgage at trustee sale for balance on first.

Submitted by Doug Donald from CA - 11/02/2011 - 6:16am

Now that BofA owns the property after the first foreclosed and the heloc bought it at trustee sale, does California's "one action" rule prevent BofA from coming after me for a deficiency judgement?

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Comments

Submitted by Michelle - 11/02/2011 - 10:23am

Hi Doug,
If a 2nd purchases a property at trustee sale where a 1st has foreclosed the 2nd has not taken any action against you so this would not fall under the "one action rule". They could still pursue collection provided the heloc was not a purchase money loan.
In this case the 1st has taken their "one action" by foreclosing on the property and they could not pursue any collection on a deficiency.

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