B of A foreclosed on my 1st mortgage in May of this year. I live in California and had refinanced both my 1st and 2nd mortgages, so I know the 2nd is a recourse loan. I am now recieving phone calls from a collection agency for the 2nd.
Here is my question:
It has been 4 years since I made any payments on my 2nd mortgage so is it now past the statute of limitations for them to collect?
Also I read somewhere about them needing to file a lawsuite within 3 months of the trustees sale for them to be able to collect as well. Is this true?
Any info would be greatly appreciated.