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Deficiency judgment on primary residence in calif.

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blissessence Joined: 08 Dec 2008 Posts: 2 1.57 Dollars($)	Posted: Tue Dec 09, 2008 11:43 am    Post subject: Deficiency judgment on primary residence in calif. Like 0 Dislike 0 Does foreclosure exclude you from paying any deficiency in the loss of the home? How about short sale? This is for primary residence with 3 loans against the property. Is there a cap on the amount you can be forgiven?
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Wed Dec 10, 2008 10:44 pm    Post subject: Like 0 Dislike 0 Hi blissessence, The lender has all the right to ask you to pay the deficient amount resulting from the foreclosure sale. If you cannot pay the deficient amount, he may either place liens on your other properties or can even garnish your wages. As far as short sale is concerned, you will have to pay the deficient amount to the lender. It will be the lender's discretion whether the lender will forgive the deficient amount or not. As far as I know there is no cap on the amount you can be forgiven. Thanks

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