A lender may have the right to pursue a deficiency but it still has to decide whether to go the longer tricker route of pursuing a judicial foreclosure or using a non judicial foreclosure or trustees sale.
Many if not most people tell homeowners not to worry about deficiency after a foreclosure. (watch out for short sales, many lenders do seek a deficiency after a short sale to the financial ruin of the homewowner and dismay of Realtors who practice law without a license and call themselves short sale specialists and loss mitigators)
It is true that most banks sought non judicial private sales in the early and mid 90s, but back then the amount were much smaller and much of the real estate mess in san diego was caused by restructuring and relocation.
This time around many people still have high paying jobs whose salaries could be attached and whose deficiencies are greater than six figures.
We have already seen many banks say they will seek deficiencies on seconds.
