Legal Question in Credit and Debt Law in California
deficiency judgment or abstract of judgment
How do I file a deficiency judment? Can I do it myself? If not, how do I find an attorney for this? Which court is it filed in? This is for money lost in a trust deed loan in which borrower defaulted. Land was sold for less than amount loaned.
1 Answer from Attorneys
Re: deficiency judgment or abstract of judgment
In California you must file a lawsuit to recover a "deficiency" judgment. Generally, if the note and deed of trust are "purchase money," you cannot obtain such a judgment without filing a judicial foreclosure action.
If you were the holder of a junior lien (not the lien recorded in first position), you must file a lawsuit against the prior owner. This area of the law can be extremely complex, and you would be well advised to seek the services of an attorney whose practice emphasizes real estate litigation. You can find an attorney through various sources, including Law Guru, FindLaw, your local bar association, and the telephone book. If you know someone who has used a real estate attorney in the past, you might want to get a referral from them.
If you need additional information, please feel free to e-mail me at [email protected].
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