california short sale antideficiency laws and purchase money mortgages: Short Sales and California Anti-Deficiency Laws
- 01/27/10 06:47 AM
I have had several issues arise recently in several short sale transactions where the potential liability to our clients for a deficiency judgment was in question. The following comments relate to the anti-deficiency statutes in the State of California CCP § 580b thru (d) . A deficiency is the difference between the amount owed and what the lender was able to recover through foreclosure. These issues were discussed with an attorney with the California Association of Realtors on their legal hotline and an article on their website.
1. In California, lenders have two choices in foreclosing on a property. Non-Judicial foreclosures are where the … (6 comments)
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I have had several issues arise recently in several short sale transactions where the potential liability to our clients for a deficiency judgment was in question. The following comments relate to the anti-deficiency statutes in the State of California CCP § 580b thru (d) . A deficiency is the difference between the amount owed and what the lender was able to recover through foreclosure. These issues were discussed with an attorney with the California Association of Realtors on their legal hotline and an article on their website.
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