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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Judicial vs non-judicial foreclosures Posted by David on August 14, 2003 at 5:01 PM In Reply to: Judicial vs non-judicial foreclosures posted by Ward-CA- on August 14, 2003 at 3:09 PM : 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. Ward, You stated a couple of posts above that a borrower could be liable for the deficiency depending on the type of loan. My point was that the type loan is irrelevant (recourse or non-recourse) if the lender chooses a non-judicial foreclosure, there is no deficiency allowed. Sorry about bringing the one action rule into the discussion, you’re right, it has nothing to do with a deficiency. Dave Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : 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. : : Ward, : You stated a couple of posts above that a borrower could be liable for the deficiency depending on the type of loan. My point was that the type loan is irrelevant (recourse or non-recourse) if the lender chooses a non-judicial foreclosure, there is no deficiency allowed. : Sorry about bringing the one action rule into the discussion, you’re right, it has nothing to do with a deficiency. : Dave 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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