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That sounds like a collection scare tactic to me.
I doubt that your clients starving themselves to make one more payment isn't going to make WESCOM like them, or treat them any better, in the long run.
If WESCOM is determined to go after a deficiency judgment, aren't they going to have to file an NOD first?
It seems to me, since CA law says benficiaries only get one bite at the apple, WESCOM is waiting for the big boy (lien #1) to file first.
Now's your time to pull in the highest & best offer you can, & present it to both the lenders for their consideration.
Ultimately, WESCOM can play the spoiler, if they so desire. But right now, they're bluffing your clients.
I think you probably need to speak with a RE attorney for the definitive answer.
When it comes to junior position recourse loans, if the lender refuses to cooperate, bankruptcy protection is often around the corner.
Letting WESCOM know you're investigating all your legal options may induce them to be more cooperative & negotiable.
Jennifer Garrell said:
Thank you so much :-) I have another question now. Can the Credit Union charge off the HELOC before the NOD is filed? I am curious if since a HELOC with a credit union if they have another set of rules. Sorry if is a stupid question. Thanks again all :-)