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Single Course of Action question for CA foreclosures

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jconnolly Joined: 13 Nov 2008 Posts: 1 1.33 Dollars($)	Posted: Thu Nov 13, 2008 1:50 pm    Post subject: Single Course of Action question for CA foreclosures Like 0 Dislike 0 If a residential home goes into foreclosure in CA, does single course of action apply as is the case with commercial properties (i.e. lender either has to foreclose on collateral or go after borrowers...one or the other but not both)? Thanks
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Nov 13, 2008 7:54 pm    Post subject: Like 0 Dislike 0 Hi jconnolly! Welcome to forums! Yes you are correct. California follows one-action rule. This indicates that the lender can only pursue one legal action against the defaulter. If the property is foreclosed upon and in case it is sold at an amount less than the loan, then the lender cannot bring a deficiency judgment. Feel free to ask if you have further queries. Sussane.

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