What happens if my Irvine home is Foreclosed?
If My Irvine Home Is Foreclosed, Can The Lender Come After Me For The Loss?
For the lender that may have incurred any losses on your mortgage due to the foreclosure, a Judicial Foreclosure would be required to recover the losses. Although a lender can pursue a deficiency judgment through a Judicial Foreclosure on some mortgages, in California it rarely occurs.
Typically, the lender is satisfied with the proceeds obtained at the Trustee’s Sale or from a sale after acquiring the property at the Trustee’s Sale. Either way, this is further reason for a lender to work with a homeowner to avoid acquiring the property through foreclosure.
If you have more questions you might want to take a look at www.ochomehelp.com
OCHomehelp.com is a team of Orange County Short Sale and Foreclosure Specialist’s. They are comprised of a team of real estate agents, loan modification experts, short sale specialists, attorneys, and title officers.
This might be a good place for you to start if you are confused or scared. They offer a free and 100% confident consultations.
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