deficiency judgement: California deficiency judgement..how does it affect you
- 06/18/12 02:53 AM
California deficiency judgment..how does it affect you or does it?
First, let's define Deficiency Judgment.
A deficiency is the difference between the principal balance due and the amount received, providing the amount received is less than the amount owed.
Whether the bank can pursue a deficiency judgment after a foreclosure or short sale depends in part on whether the promissory note makes the seller personally liable for the debt. Some states allow for personal liability. In California, you're off the hook...let us explain:
California borrowers on a one- to four-unit residential dwelling are exempt from deficiency judgments (applicable to all purchase-money … (0 comments)
|
|
|
|
California deficiency judgment..how does it affect you or does it?
;)
;)
;)
