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I have a home in foreclosure in California. The bank is Wacovia i now live in hawaii. Can the bank attack my bank accounts?
State/Country relating to Question: California
Hi there. You're in luck..... California is a non-deficiency state. Basically, deficiency judgments in California work like this: i) Deficiency judgments cannot be entered for foreclosures by private sale or on purchase money mortgages; and ii) A lender cannot get a deficiency judgment if it forecloses by private sale or if the underlying loan was a purchase-money loan. Notwithstanding the above, deficiency judgments can be entered on judicial sales of non-purchase money mortgages-provided however the defaulting borrower then has the right to redeem his property.
The botXXXXX XXXXXne of all this is that if you obtained a mortgage to purchase a home in California, you are not be responsible for any amount remaining unpaid after a foreclosure sale. As a result, other assets are not at risk. If your debt is not a purchase money mortgage, in reality, because of the right to redeem, most lenders in California waive the deficiency. If the deficiency is waived, so also is the right to redeem.
I hope this has given you the guidance you were seeking. I wish you the best of luck!
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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.
Attorney
Attorney/Developer
So the bank will not go after my savings account? Can the lender sue? If so is there a statute of limitation on that.
The only thing the lender can do is take the house. The lender can not pursue a deficiency against you. You're in the clear. Thank God the property is in California...it is one of the few non-deficiency states.