Good evening. The short answer to your question is no. 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!
If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.
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.