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.
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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.
Yes sir...that is correct. :)
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