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 2nd Trust Deed Foreclosure and Legal liability of the 1st TD?

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jilljill



Posts : 158
Join date : 2010-08-30

PostSubject: 2nd Trust Deed Foreclosure and Legal liability of the 1st TD?   Tue Nov 30, 2010 1:51 am

2nd Trust Deed Foreclosure and Legal liability of the 1st TD?
I am in a 2nd Trust Deed lender position where the borrower is not paying me. If I foreclose from a 2nd trust deed perspective and no one bids at the auction I get title. If after the auction I decide I do not want to own this property and simply walk from the property, can my credit be damaged at all? I my self never signed any debt obligation notes on this property but am wondering if the mere act of foreclosing makes me legally liable for the debt of the first if I simply walk from the property,
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