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Hi and welcome to JA. I am Ray and will be the expert helping you today.
You would want to do a deed in lieu if offered.This is you deeding back but the bank does not pursue deficiency.
Otherwise they can foreclose through the courts and seek deficiency judgment, or use a deed of trust and then sue for a deficiency.Either way you have a judgment here against you.
If you can do a deed in lieu here where they verify that they will not pursue you is the best outcome here.It avoids any kind of judgment against you.It is in your interest to sign such a deed in lieu.
Reference to deed in lieu..
Information about the two kinds of foreclosure.Non judicial is a sale under the deed of trust to the bank, with possibility of deficiency judgment.A judicial foreclosure through the courts is less common but also has a deficiency judgment.
I appreciate the chance to help you today.I am so sorry that you are having to go through all of this.A deed inlieu would be your best outcome.Thanks again.