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I have an FHA loan on my primary residence in California. I may

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I have an FHA loan on my primary residence in California. I may lose my home to foreclosure. I do not have a 2nd loan just the first will I be liable in anyway? Can I be pursued in the future with any judgements or liens?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 4 years ago.
Hello,

It does not appear that you can be held liable for any deficiency. Here is why.

In CA deficiency judgments can not be entered for foreclosures by private sale or on purchase money mortgages.


Most foreclosures in CA are nonjudicial. If the foreclosure was nonjudicial, a deficiency judgment cannot be entered against you. The lender then would take the property in full satisfaction of the debt.

Deficiency judgments can be entered on judicial sales of non-purchase money mortgage. However even in judicial sales regarding non purchase money mortgages the lender will typically not pursue a deficiency judgment as it entitles the defaulting borrower a right to redeem his property if he can pay the necessary charges and cure his arrears.


In summary, deficiency judgments are not usually entered in CA, but in some narrow instances they can be.

FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36519
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and 2 other Bankruptcy Law Specialists are ready to help you

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