Short Sale, Foreclosure and Strategic Default


Saturday, January 26, 2008

San Diego short sales and foreclosure

In addition to purchase money protection laws under California Code of Civil procedure 580 b, a homeowner may also have protection from deficiency creditors through California Code of Civil Procedure 580d.

If you only have one loan and the lender utilizes and non judicial foreclosure - the former owner is protected from a deficiency judgment. (you may need a lawyer to enforce your rights - it may not be automatic).

580 b and 580 d are some of the many reasons why it is a mistake to do a short sale without legal advice.