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socrateaser, Lawyer
Category: Tax
Satisfied Customers: 38879
Experience:  Retired (mostly)
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A buyer wants owner financing to purchase my property with

Customer Question

A buyer wants owner financing to purchase my property with 2 homes in Santa Clara County, CA. I will hold a 1st mortgage and they will rent both homes. Is this a non-recourse 1st?
Submitted: 1 year ago.
Category: Tax
Expert:  socrateaser replied 1 year ago.
Hello, If the property were to be sold by deed of trust sale, in the event of a foreclosure, it would be nonrecourse, because the lender cannot obtain a deficiency judgment, per Washington Law. If the lender sues in court to recover on the note (a very rare occurrence, but an option in your case), then the loan is with recourse, because this is not a principal residence purchase, and there is no anti-deficiency law for that circumstance. I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.Thanks again for using!