- Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: Yes - Primary Security Instruments: Deed of Trust, Mortgage - Timeline: Typically 120 days - Right of Redemption: Varies - Deficiency Judgments Allowed: Varies In California, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

.- Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: Yes - Primary Security Instrument: Deed of Trust, Mortgage - Timeline: Varies - Right of Redemption: Yes - Deficiency Judgments Allowed: Yes In Utah, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

They said the latest word is that B of A has begun selling their short sale deficiencies to a debt collection agency rather than 1099 and write them off.You can bet they will pursue them aggressively if this is true.

In some more liberal states, I can see some penalty, maybe based on any deficiency amounts sought by the lender, maybe for a few days of being out of the house earlier than they would have been and maybe a hassel factor.In some states, I would imagine that the state would move in, fine the lender and keep the money for the state and the borrower would receive nothing, as is customary in Missouri.

Loan mounts up, the deficiency judgement will be greater from any foreclosure.

I trust that the seller had no deficiency.

Have you asked them to sign the deed back over for you in trade for not seeking a deficiency judgment or dinging their credit with a foreclosure?

In a few cases, though, the opening bid will be lower, sometimes much lower, and the lender will also file a deficiency judgment.

The borrowers, in return, should get some sort of incentive usually in the form of a smaller impact to their credit rating and/or a reduced deficiency (loss). 2.

Taking the property with a quict claim deed is a deed in lieu of foreclosure, accepting the property instead of the full amounts outstanding in cash, so there is no deficiency amount with a CFD.