What happens if a 2nd deed of trust forecloses and t...

Submitted by q_units from CA - 05/02/2009 - 8:43pm

What happens if a 2nd deed of trust forecloses and they did not wait the required 7 days after a dismissed chapter 13 case ?

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Submitted by Sean - 05/12/2009 - 12:29am

You might be able to have the sale overturned. But consider that option carefully, as having the 2nd foreclose may be a gift if it was not a purchase money loan. I say this because many people are now finding out that they are still liable for the 2nd after the 1st forecloses, and 2nds are almost never foreclosing at this point because they give up their right to come after you for a deficiency judgement by doing so.

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