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My understanding is that you are right and the deficiency judgment cannot be persued after the foreclosure action by the lender that did the foreclosure in California "IF THE LOAN is a PURCHASE MONEY loan (which means the loan was used to purchase the property). However, if the loan is a refinance or a HELOC than the No Deficiency Judgment Rule does not apply.
However, if a Short Sale is done instead of a Foreclosure - then the foreclosure action no longer exists and the lenders (non-purchase or purchase) can persue a deficiency judgment.
Also - if I understand this correctly - even if the second lender is purchase money - if the 1st forecloses, the second did not - and therefore may be entitled to persue a deficiency judgment.
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Is North Carolina a non-deficiency state?
No
Is Arizona a non-deficiency state?
Yes
Is Indiana a non recourse state?
No... Illinois is a recourse state.... They can come after you for a deficiency judgment.
What are the requirements to get into California State University?
Admissions requirements for California State University differ for California residents and non-resident applicants. California residents are given priority in admissions. Non-residents must have higher test scores and GPA than their California peers.
What are Colorado's laws regarding deficiency judgments after a non-judicial foreclosure?
Colorado is a full recourse state. Creditors may pursue a debtor for a deficiency judgment for 20 years after the debt was incurred. Moving to another state could result in the creditor domesticating the deficiency judgment and then the new state's statute of collection limitations would apply.
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48H non stop
What state constitutional officers job is officially non partisan?
The specific state constitutional officer that is officially non-partisan varies from state to state. However, one example is the Secretary of State in California. The role of the Secretary of State is to oversee elections and voting, maintain official state records, and handle business filings, among other responsibilities. In California, this position is officially designated as non-partisan.
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Arizona is a non-deficiency state does this apply to mortgages?
Absolutely!!! That is the only type of loan that it applies too and it must be primary residence.
What does a non -deficiency state mean?
i was told that Arizona is a non deficiency state. that means when the bank loaned you money on your house they took the risk of values going down. so, if they agree to a short sale on your house and the loan is for 200,000 but you can only sell it for 180,000, the bank eats the difference not you. as long as you don't sign a note saying that you will repay the difference.
In California if the spouse dies and have a credit card in his name and not mine am i responsible for his bills.?
It depends on if California is a community property state or non-community property state.
Is it ok to go to a non-aba law school in California?
In California, yes. The state of California allows students from non-ABA approved law schools to sit for the bar. This is not the case in most other states.
