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Posted On: May 12, 2010

CA Antideficiency Statute

A Sacramento bankruptcy attorney defines the CA Antideficiency Statute

If a foreclosure sale in California does not generate enough sale proceed to pay off the 1st Deed of Trust and the original loan was used to buy the property then the lender must accept the loss from the deficiency. The lender cannot pursue the home borrower. This law is generally called the CA Antideficiency Statute.

The CA Antideficiency statute does not apply to home equity lines of credit (HELOC) with a junior lien on the residence. Borrowers who walks away from the home and rents find themselves being sued by the HELOC lender for the entire loan.

Although the lender for the 1st cannot pursue the 2nd Deed of Trust or HELOC can which may be a good reason for filing bankruptcy and undergoing a long term rehabilitation of credit worthiness.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

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