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California Deficiency Judgment Chart- Avoid Deficiency Judgement in California

Deficiency Judgements for short sales

Deficiency Judgments From Short Sales With Full Recourse Loans

Deficiency Judgments in California have become a hot topic for short sellers.

HOW TO AVOID California Deficiency Judgment:

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This legal chart is intended to provide a quick and easy guide to determine when a borrower may be liable for a deficiency judgment.  There are other factors and conditions which may change the result (such as fraud by the borrower and bad faith waste).  For more details see the legal article, Deficiency Judgments and California Law.  Find out the rules on deficiency judgments of non-recourse loans in California short sales, and read about the newest Short Sale law that may stop  lender  recourse for deficiency.

This legal chart is just one of the many legal publications and services offered by C.A.R. to its members. For a complete listing of C.A.R.’s   legal products and services, please visit C.A.R. Online at www.car.org.Readers who require specific advice should consult an attorney. C.A.R. members requiring legal assistance may contact C.A.R.’s Member Legal Hotline at 213.739.8282.  C.A.R. members who are broker-owners, office managers, or Designated REALTORS®  may contact the Member Legal Hotline at 213.739.8350 to receive expedited service. The access times are Monday through Friday, 9:00 A.M. to 6:00 P.M.  Members may also fax or e-mailinquiries to the Member Legal Hotline at 213.480.7724 or [email protected]. Written correspondence should be addres
* If a senior lienholder forecloses on the property, the “wiped out” junior lienholder who no longer has a secured note may not sue on this promissory note for those categories indicated in the chart.

USE THIS INFORMATION TO HELP YOU AVOID A DEFICIENCY JUDGEMENT ON YOUR CALIFORNIA SHORT SALE EDUCATE YOURSELF ON SHORT SALE DEFICIENCY JUDGEMENT ISSUES AND INCRESE YOUR UNDERSTANDING OF FORECLOSURE AND DEFICIENCY LAW IN CALIFORNIA.

Residential 1 – 4 units, Owner Intends to Occupy a Unit in the Secured Real Property

Non-owner Occupied or Other Real Property

Lender Purchase Money Loan
(non-recourse loan)

?

Seller Financed Purchase Money Loan
(non-recourse loan)

?

Refinance (Non-Purchase Money Loan)
(recourse loan)

?

Lender Purchase Money Loan
(recourse loan)

?

Seller Financed Purchase Money Loan
(non-recourse loan)

?

Refinance (Non-Purchase Money Loan)
(recourse loan)

?

NO
deficiency judgment if senior or junior lienholder*

Cal. Code Civ. Proc. § 580b
NO
deficiency judgment if senior or junior lienholder*

Cal. Code Civ. Proc. § 580b
YES
deficiency judgment if judicial foreclosure

NO
deficiency judgment if trustee’s sale foreclosure

Cal. Code Civ. Proc. § 580d

YES
deficiency judgment if judicial foreclosure

NO
deficiency judgment if trustee’s sale foreclosure

Cal. Code Civ. Proc. § 580d

NO
deficiency judgment if senior or junior lienholder*

Cal. Code Civ. Proc.
§ 580b
YES
deficiency judgment if judicial foreclosure

NO
deficiency judgment if trustee’s sale foreclosure

Cal. Code Civ. Proc. § 580d


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