How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 38879
Experience:  Retired (mostly)
10097515
Type Your Tax Question Here...
socrateaser is online now
A new question is answered every 9 seconds

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 justanswer.com!