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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Judicial vs non-judicial foreclosures Posted by Ward-CA- on August 14, 2003 at 3:09 PM In Reply to: The CA one action rule prohibits deficiency posted by David on August 14, 2003 at 9:13 AM : Ward, : It doesn?t matter if the loan has recourse or not, if the lender forecloses under the power of sale clause in the TD : (which almost all do), there?s no deficiency allowed...that's my understanding. : So, the lender cannot come after any asset other than the house. : Dave ============== Dave, Your interpretation of the "one action" rule is in error. It really applies to trying to effect a foreclosure sale more than once for the same delinquency. It has absolutely nothing to do with obtaining a deficiency judgment against the borrower in the instance where the foreclosure auction doesn't result in the property being sold to an outside bidder. Follow Ups: Re: Judicial vs non-judicial foreclosures David 5:01 PM, 08/14/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : It doesn?t matter if the loan has recourse or not, if the lender forecloses under the power of sale clause in the TD : : (which almost all do), there?s no deficiency allowed...that's my understanding. : : So, the lender cannot come after any asset other than the house. : : Dave : ============== : Dave, : Your interpretation of the "one action" rule is in error. It really applies to trying to effect a foreclosure sale more than once for the same delinquency. : It has absolutely nothing to do with obtaining a deficiency judgment against the borrower in the instance where the foreclosure auction doesn't result in the property being sold to an outside bidder. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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