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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (77701)4/14/2008 6:12:40 PM
From: Peter V  Read Replies (3) of 116555
 
No. Once you opt for a non-judicial foreclosure, there is no recourse for deficiencies.

Cal. Code Civil Procedure:

580d. No judgment shall be rendered for any deficiency upon a note secured by a deed of trust or mortgage upon real property ... in any case in which the real property ... has been sold by the mortgagee or trustee under power of sale contained in the mortgage or deed of trust.

California has a streamlined procedure allowing a lender to foreclose and sell the property without filing a judicial foreclosure action. If the lender takes that option, it cannot sue for deficiency.
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