[The Professor]

Good evening. My sense of your situation is the holder of the first loan will likely follow a non-judicial foreclosure path. With what limited research I've done, it appears to suggest that if this path is followed, the holder of the first loan can't seek a deficiency judgment if they go the non-judicial foreclosure route.

Given the amount owed on the first and your estimate of the properties current fair market value, this will leave both the second (Citi) and third (WF) loans in an unsecured status and they could chase you on the basis of an unsecured debt for the amounts owed. However let me caution you that you should seek the advice of an attorney skilled in your State's real estate laws and debt collection practices to confirm this.

As to the length of time to complete the termination of your rights to the property, there appear to be two periods. The first is the foreclosure period. Here the Internet sources I was able to locate seem to indicate a 6 week time period between the first publication of the notice of foreclosure sale and when the sale can take place. Additionally it appears that you would have redemption rights for no less than six (6) months from the foreclosure sale date. My sense is given this redemption right you may have the right to retain possession until that redemption period expires. I would suggest confirming this with a Minnesota attorney.

Bankruptcy may be an appropriate option, because of your potential continuing liability for the second and third loans. I hate to sound like a broken record, but here too the advice of a lawyer skilled in bankruptcy law is important to obtain.

Take care,

Daniel