May Article of the Month: Cover for your homeowner: an anti-deficiency primer
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This article clarifies California anti-deficiency protections available to homeowners, including applicability to second trust deeds, refinancing and shortsales.
You asked for it
Shortsales, foreclosures and (we hope) principal reductions – oh my! With all the negative equity-driven turmoil in the real estate market, we thought it was high time to harken back to a real estate oldie-but-goodie: California anti-deficiency protections.
Want to know what protections your clients have against mortgage lenders looking to recover the unpaid balance of a loan on a shortsale, foreclosure, principal reduction, modification or other type of loan arrangement? Read on.
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About The Author
Giang Hoang-Burdette
is a licensed real estate agent and the first tuesday Journal Online editor. She is also lead editor for the Forming Real Estate Syndicates, Buying Homes in Foreclosure, Legal Aspects of Real Estate and Tax Benefits of Ownership books.
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Cover for your homeowner: an anti-deficiency primer
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Antideficiency protection extended to second trust deed discounts
I don’t think my type of loan was covered. Loan was taken out after home purchase (6 months later) to add landscaping to the home. All was used for home improvement (I have the cancelled checks). This is a recourse loan. What will happen after the first forecloses? Will they be able to sue?
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