Q: I’m in CA. We’re 8 yrs behind on a 15-yr 2nd Mortgage taken out in 2004. Can they still foreclose if S.O.L is 4 yrs?
We’re trying to avoid foreclosure (auction in >1 week) on our 1st mortgage (30 yr, taken out in 2002, and 40+ months behind on payments). My bk hearing is coming up in a few days for a Chapter 13 BK, and the repayment plan is huge. I was hoping to strip off my husband’s second mortgage somehow. I could actually catch up payments on the first, but not the second. I just read about the 4 year statute of limitations on debt in California, and I’m praying for a miracle. Thank you.
A: Yes they can still foreclose. There is no such statute of limitations on secured debt. Talk to your chapter 13 attorney as to your options. If you cannot remove the lien in the chapter 13, you may have to pay to keep the home, or you may have to consider selling the house.
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