what happens if i went through foreclosure and the house was auctioned of for 100,000 deficiency in CA?Author: admin // Category: franklin mortgage
The first mortgage Chase sold the property in an auction and got their money but the second mortgage Franklin managment was not and now they reported it on my credit report and wont come out for 7 years. Am i liable to pay the deficiency or does California protect me under the anti deficiency laws?
All loans were to pay off the house, they were purchase money loans.
Chances are they will write off the deficiency balance and send you a 1099 for that amount.. It’s considered unearned income.