QUESTION
Is a third mortgage Binding if the buyer walks away?
Asked on Feb 28th, 2014 on Breach of Contract - California
More details to this question:
I loaned money to someone to buy first home before the 08 crash. It was a third mortgage with payments detailed. The person walked away from the home. Does he still owe me the money?
1 ANSWER
2 Awards
I am assuming in this scenario that the holder of the first mortgage on the property foreclosed. Assuming that is the case you are still owed the money and can sue to recover for the amount owed. Your loan is no longer secured by the property, but it is still owed to you.
Answered on Mar 01st, 2014 at 2:19 PM