Mon, August 10th, 2009
Seller CarryBacks–No Deficiency in California

Just as with standard purchase money loans, California law does not allow a deficiency judgment against a borrower who buys real property from a seller who also finances (carries back) the financing.  This, of course, assumes that the financing was used for the purchase of the home and the borrower occupies the home.  You can read more about this by looking at California Code of Civil Procedure Section 580b. 

Posted by Nick Yonano at 03:56     0 Comments
Labels: Mortgage Default, foreclosures, real estate, trustee sale

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