Forclosure on home w/2nd loan

[biowf]

What is the name of your state (only U.S. law)? California.
I still do not have all info yet but am trying to find out what I need to do about this. 3 years ago I gave an individual a loan of $47k that was secured with their home. They have now abandoned the home and the bank has issued an intent to foreclose. I was told that my loan is basically worthless and that I have no way of recouping any of the money from the loan. Any help greatly appreciated- I am not in a position to hire a lawyer right now. Thank you.

 

[HomeGuru]

What is the name of your state (only U.S. law)? California.
I still do not have all info yet but am trying to find out what I need to do about this. 3 years ago I gave an individual a loan of $47k that was secured with their home. They have now abandoned the home and the bank has issued an intent to foreclose. I was told that my loan is basically worthless and that I have no way of recouping any of the money from the loan. Any help greatly appreciated- I am not in a position to hire a lawyer right now. Thank you.

**A: need the amount of the first mortgage and your second mortgage, and the value of the property. If the value of the property at a foreclosure sale is less than the balance of the first mortgage, then you are correct. You will not see a penny.

 

[biowf]

I found out the original loan amount - likely more than the home is worth now. Not happy. I know it is a first come first serve kind of situation but I still have a hard time accepting the loss of $47k and not being able to do anything about it.

 

[Pojo]

I suspect the individual has already been advised to file BK so that you would not be able to file a claim in court and get a Judgment you might possibly collect in the future.

ANSWER Guru's questions he is trying to establish another plan for you if I am thinking correctly but he needs figures. Come on cooperate.

 

[biowf]

Had life to deal with. anyway the initial home loan was approx $148K second loan (the one I provided) $47K. The home value is likely around $140K at best right now. The home owner appears to have abandoned the home. Thank you for your interest and help.

 

[HomeGuru]

Had life to deal with. anyway the initial home loan was approx $148K second loan (the one I provided) $47K. The home value is likely around $140K at best right now. The home owner appears to have abandoned the home. Thank you for your interest and help.

**A: based on the info, the last sentence in my previous post applies.

 

[biowf]

Appreciate the help. Thank you.

 

[HomeGuru]

Ok, sorry things did not work out.