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Notice of Trustee's Sale or should I do Deed in Lieu of Foreclosure?

Ventura, CA |

I received Notice of Trustee's sale on my house. The house was refinanced many times during the period I owned it. I am concerned and am unable to determine whether it is a recourse or non-recourse loan. If the house sells for less than what is owed, can the bank come after me for the difference?

Will they give me more time to get out if I execute a deed in Lieu of Foreclosure?

Attorney Answers 1

  1. You need to see a lawyer who practices bankruptcy in CA. Usually, but not always, a deed in lieu absolves you of any further obligation to the bank, a foreclosure on a non-recorse debt leaves the obligation out there. Also be careful of the tax consequences. Find someone who will actually do the numbers not just do a back of an envelope analysis.

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