Re: Judicial Foreclosure vs Trustee Sale

Posted by ucmahelp on November 15, 2007 at 19:08:10:

In Reply to: Judicial Foreclosure vs Trustee Sale posted by bee on November 14, 2007 at 22:21:51:

California uses "Trust Deeds" or "Deeds of Trust" as a security instrument which pledges the real estate - the home or rental property - as collateral for payment of the mortgage loan, whether being a 1st or 2nd mortgage. The reason California and many other states utilize the Trustee Sale is due to the security instrument itself. The Trust Deed does not call for a judicial type foreclosure, but for one that the home may be sold "at the court house steps". Most 2nd trust holders USUALLY do not seek personal liability unless they believe they have something to go after, such as an investor with multiple properties and/or other tangible assets. I hope this is helpful - good luck.

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