Can you continue your mortgage company in CA?
I bought a house in 2006. An arm and did not know what it was. After a year I can re-financed a 5-year interest only loan. So I signed a deed of trust, which contains a "power of sale "clause, and also a floating rate note. The note says that" giving up rights of presentation and formal. "I want to make a voluntary entry. Can you continue your mortgage company in California (before court) for the total amount of the loan, or simply exclude the house? Presentation means "the right to require the holder of the note to demand payment of amounts" of maturity. What does this mean? I have to close immediately, but I'm afraid. I am not insolvent, but soon will be, if I do so soon. Please help. Thank you
Due refinancing your loan is full recourse, which means that you will have the balance after foreclosure. Selling your home can come after you the difference. You will not be able to dictate the length of the foreclosure of banks is action, not yours.
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