Re: help!!! CA deficiency judgement
Posted by jim on December 28, 2007 at 14:10:43:
In Reply to: Re: help!!! CA deficiency judgement
Posted by miguel991 on December 28, 2007 at 10:03:43:
Miguel,
I attached a link to Civil Code 580, the parts that will probably interest you the most will be 580b and 580d.
Judicial foreclosure requires maybe a year to get on calendar, then the foreclosed owner has a one year redemption right. Uncontested trustee sale takes about 4 months which is one of the reasons most foreclosures are trustee sales.
The lender would have to see some significant benefit to use judicial foreclosure. If the land area was significant, and the lender was going to take a huge hit, and you had significant resources, then I could see the lender seeking a deficiency. If the land is a "standard" residential lot, it's probably not as likely.
Not an attorney, that's just an opinion.
Follow Ups:
- Re: help!!! CA deficiency judgement - worried homeonwer 14:04:41 01/08/08
(0)
