the "one time"rule

[brighteyes]

I was talking with a bk lawyer (not the one I hired) and he was telling me about this "one time" rule when it comes to your mortgage lender and lawsuits. I didn't catch everything he was saying as my cell reception was bad. I know we were on the subject of "intending" to keep our home IF the bank would work with us and what would happen if we just let it go after the bk was done. We are many months behind and quite frankly I'm SO done working with the bank that once we filed I have stopped gathering info for any type of mod out there. They have sent me a letter begging me to try a different option, anything but bk. REALLY?!?! Now you want to help? You can blow it out your donkey butt! Okay that was more of a vent, but I still want to know more about his "one time" rule.

[debee]

I suspect your attorney was talking about the "one action" rule in CA. It states, "There can be but one form of action for the recovery of any debt, or the enforcement of any right secured by mortgage upon real property." (Cal. Code of Civ. Proc. § 726(a).)

Basically, the lender can pursue the person for the debt, or they can pursue the property (foreclosure) but not both. This won't apply to you if you listed the loan in your bk and rec'd your discharge. In which case they can only go after the property.

eta: A lender in CA can also choose a judicial foreclosure which in only "one action" but still gives them the ability to subsequently pursue deficiency. Unless ya file bk.