What happens when a lender asks for a California deficiency judgment?
At one time, California banks were generous with second mortgages. And for homeowners, they 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.
When home values began a downward spiral, however, there was no equity left to pay off the second mortgage if the homeowner sold the home or if the home was foreclosed. In that situation, the most important thing you can do is face the reality of what is happening and seek experienced legal counsel.
- At McCarthy Law PLC, our practice is based on helping people who are facing difficult debt problems.
- Our lawyers have the experience to explain the facts and your options.
- Your attorney can work with you and your banker to come to a settlement that both sides can live with.
Foreclosure is difficult, but it is often made worse when there is a second mortgage deficiency that is not paid off by the foreclosure.
Know the facts and know your options in a FREE consultation.
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 Phoenix area offices.