Foreclosure Deficiency Debt
Over the last ten years, California banks were generous with second mortgages and for homeowners, these loans seemed like a reasonable way to tap into a home’s equity for much-needed cash for education expenses, medical expenses and other financial needs. So now that the economy has made a dramatic turn around, and many of these properties are under water, what happens when your lender asks for a California deficiency judgment?
When home values began their downward spiral there was no equity left to pay off the second mortgage if you sold the home or if the home was foreclosed upon. In that situation, the most important thing you can do is face the reality of what is happening and seek experienced legal counsel.
- Our law firm practice is based on helping people who are facing difficult debt and mortgage debt problems.
- Our lawyers have the experience to explain the facts and all of your options with a free consultation.
- Your attorney can work with you and your banker to come to a reduction or settlement that both sides can live with and avoids bankruptcy.
Foreclosure is difficult, but it is often made worse when there is a second mortgage deficiency that is not paid off by the foreclosure. Our law firm is a no-pressure zone where you can calmly learn the facts about your situation and what you can do about it. Contact Us for a free consultation at one our Los Angeles, San Diego, San Francisco or other California area offices.