foreclosure/second mortgage

[papasandbeer]

CALIFORNIA.
My question is i own a home that is facing foreclosure and i have a second mortgage of $50,000 on property. If i foreclosure home am i still responsible for second loan???? i would apreciate any advice on what i can do to not be responsible for second mortgage???

I tried shortsale but bank took too long and buyers backed out.What is the name of your state (only U.S. law)? california

 

[FlyingRon]

Depends. If the second was taken out at the same time you acquired the property, it's likely to be a non-recourse loan (meaning, they have to live with whatever remains from the foreclosure after the more senior liens are paid off). If however, you took it out as a home equity loan or similar after the fact, you very much could be sued for the deficiency.