Re: Deficiency Judgement
Posted by BTI on February 01, 2009 at 10:36:44:
In Reply to: Deficiency Judgement
Posted by Fred on January 28, 2009 at 15:01:36:Fred
If it is a hard money loan, yes, but you will need to release the 2nd TD and note because in California you have the "one course of action rule", and if you obtain a judgement for the note you've taken your one course of action, you can't have both.
And by the way it isn't a deficiency judgement, it a regular judgement, there was no deficiency. As far as I'm concerned if the guy is having that much money trouble you should figure out if there is a chance you will get an overbid if the first forecloses and then get a judgement for the rest afterward, he will probably have more spendable income after he loses the house and more things to attach, etc.
Again as the others said if it is a purchase money note then it is non-recourse and you can kiss it goodbye, or foreclose.
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