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dead lieu in foreclosure

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beanpha Guest	Posted: Mon Jun 06, 2011 7:57 am    Post subject: dead lieu in foreclosure Like 0 Dislike 0 I am in California. Can the lender goes after me or puts lien on other properties after dead lieu in forclosure? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Mon Jun 06, 2011 8:28 am    Post subject: Like 0 Dislike 0 In Ca, we use the deed of trust (instead of a mortgage) and on the deed of trust, its states power of sale clause. Basically, the lender uses the deed of trust between you, the lender and a trustee. The trustee is given 2 responsibilities, 1 is to convey the title to you when loan is paid in full, and 2 is to foreclose on the property when in default. The lender using the DOT, only takes back the property in collateral. The deed in lieu, you are giving up your right and possession to the property, and the lender will take back the property to satisfy your debt. _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Mon Jun 06, 2011 9:04 pm    Post subject: Like 0 Dislike 0 Hi beanpha, After the deed in lieu of foreclosure, the lender won't come after you in order to recover the deficient balance. The deficient amount is forgiven by the lender in case of a deed in lieu of foreclosure. Thanks

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