San Diego short sale

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Saturday, October 27, 2007

California Recourse loans and Short Sales

If you loan does not fit within one of the exception cited in the previous post, you most likely have a recourse loan. (some loans may be written as non recourse loans as part of retirement planning vehicles so you may wish to read your loan document)

What does it mean if a San Diego homeowner has a recourse debt. It means the lender could elect to go after the homeowner for a deficiency between the amount of the loan and the amount it got paid after a foreclosure sale.