California attorney Kristen Crone from UFAN Legal Group wanted me to share this recent case result with readers who might be California mortgage holders. She labels it as good news for some.
“New case just decided in California that essentially says, “When original lender holding both first and second deeds of trust securing signle residential mortgage forecloses nonjudicially under the first deed of trust, CCP sec 580d bars subsequent assignee of second deed of trust from seeking deficiency judgment against borrower.”
Bank of America v. Mitchell, 204 CA4th 1199 (2012).
This is a great decision and one your CA readers might be interested in. This is of particular interest to any CA borrowers who took out one of the 80/20 purchase loans.”