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What are the rights to private lenders who are investors which hold second mortgages?
StephanieRice
In California, a second loan can be recourse or non-recourse, depending on if it were originated as a cash out second or a second based on a purchase money loan.
The cash out scenario (recourse) lender has the option to foreclose on the property and pay off the first lender. Not often done. If the first lender forecloses then in California the recourse (second) lender (in a cash out transaction of course) can turn that loan into a personal debt or collection.
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∙ 15y ago
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