Re: CA Short Sale & Foreclosure

Posted by Julio Martinez-Clark on April 23, 2008 at 16:10:49:

In Reply to: CA Short Sale & Foreclosure posted by Suzanne on April 23, 2008 at 11:03:26:

Suzanne,

In most states, yes, the lender(s) can go after the borrower for the difference between
what is owed and what was paid at a foreclosure auction.

Do a google search on your state's foreclosure laws and see if a mortgage deficiency
judgment is allowed in your state. Remember that if a borrower has two mortgages and
only one forecloses, the other can enforce the executed promissory note and start debt
collection efforts against the debtor/borrower without having a mortgage deficiency
judgment.

I hope this helps,

Julio Martinez-Clark

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