CA – Single Lender Making Two Nonpurchase Money Loans Assigns Junior Loan; Junior Loan Can Pursue Money Judgment.

From: Charles Cox [mailto:charles@bayliving.com]
Sent: Thursday, June 21, 2012 9:15 AM
To: Charles Cox
Subject: CA – Single Lender Making Two Nonpurchase Money Loans Assigns Junior Loan; Junior Loan Can Pursue Money Judgment.

When a single lender contemporaneously makes two nonpurchase money loans secured by two deeds of trust referencing a single real property and soon thereafter assigns the junior loan to a different entity, the assignee of the junior loan, who is subsequently "sold out" by the senior lienholder’s nonjudicial foreclosure sale, can pursue the borrower for a money judgment in the amount of the debt owed. Trial court’s grant of summary judgment to defendant is reversed.

Cadlerock Joint Venture v Lobel.docx

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Author: timothymccandless

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