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Posted by Jim V on February 22, 2007 at 11:52:05:
In Reply to: Reply to JIM V posted by Rachel on February 22, 2007 at 11:04:57:
Rachel,
The state where the property is located governs the method of foreclosure, the lender can be located anywhere, either in state or out of state.
The vast majority of foreclosures in California use a Trustee Sale, which is a non-judicial process and does not allow the lender to seek a deficiency judgment.
What it effectively means is the lender is limited to recovery of the property and they can't chase after you for any more money after the foreclosure is complete.
