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Re: Deficiency Judgment in California

Posted by Jim V on January 05, 2007 at 11:11:23:

In Reply to: Deficiency Judgment in California posted by Mike on January 05, 2007 at 10:48:13:

Mike,

California law prevents a lender from seeking a deficiency judgment if the loan was used for the purchase of an owner occupied property. California law also prevents a lender from foreclosing non-judicially (Trustee Sale) AND also seeking a deficiency judgment.

The vast majority of foreclosures in California are accomplished non-judicially, it is far more cost and time efficient for the lender. Judicial foreclosures are rare, used when the borrower has significant other assets the lender hopes will allow them to be made whole.

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