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Re: California Civil Code 580b

Posted by Jim V on October 14, 2002 at 13:50:43:

In Reply to: Re: California deficiency judgements Posted by Bob Mayo on October 10, 2002 at 20:19:47:

Bob,

California Code of Civil Procedure covers exclusions for a deficiency judgment. Legal interpretation should probably be done by the attorney of your choice.

580b. No deficiency judgment shall lie in any event after a sale ofreal property or an estate for years therein for failure of thepurchaser to complete his or her contract of sale, or under a deed oftrust or mortgage given to the vendor to secure payment of thebalance of the purchase price of that real property or estate foryears therein, or under a deed of trust or mortgage on a dwelling fornot more than four families given to a lender to secure repayment ofa loan which was in fact used to pay all or part of the purchaseprice of that dwelling occupied, entirely or in part, by thepurchaser. Where both a chattel mortgage and a deed of trust or mortgage havebeen given to secure payment of the balance of the combined purchaseprice of both real and personal property, no deficiency judgmentshall lie at any time under any one thereof if no deficiency judgmentwould lie under the deed of trust or mortgage on the real propertyor estate for years therein.

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