find the article at: "http://www.car.org/legal/2008articles/deficiency-judgment-chart/"

Member Legal Services
Tel 213.739.8282
Fax 213.480.7724
February 25, 2008 (revised)

Copyright© 2008, CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) Permission is granted to C.A.R. members only to reprint and use this material for non-commercial purposes provided credit is given to the C.A.R. Legal Department. Other reproduction or use is strictly prohibited without the express written permission of the C.A.R. Legal Department. All rights reserved.

This legal chart is intended to provide a quick and easy guide to determine when a borrower may be liable for a deficiency judgment. There are other factors and conditions which may change the result (such as fraud by the borrower and bad faith waste). For more details see the legal article, Deficiency Judgments and California Law.
 

Residential 1 - 4 units, Owner Intends to Occupy a Unit in the Secured Real Property
Non-owner Occupied or Other Real Property
Lender Purchase Money Loan
(non-recourse loan)
 
Seller Financed Purchase Money Loan
(non-recourse loan)
 
Refinance (Non-Purchase Money Loan)
(recourse loan)

 
 
Lender Purchase Money Loan
(recourse loan)
 
Seller Financed Purchase Money Loan
(non-recourse loan)
 
Refinance (Non-Purchase Money Loan)
(recourse loan)

 
 
NO
deficiency judgment if senior or junior lienholder*

Cal. Code Civ. Proc. § 580b
NO
deficiency judgment if senior or junior lienholder*

Cal. Code Civ. Proc. § 580b
YES
deficiency judgment if judicial foreclosure

NO
deficiency judgment if trustee's sale foreclosure

Cal. Code Civ. Proc. § 580d
YES
deficiency judgment if judicial foreclosure

NO
deficiency judgment if trustee's sale foreclosure

Cal. Code Civ. Proc. § 580d
NO
deficiency judgment if senior or junior lienholder*

Cal. Code Civ. Proc. 
§ 580b
YES
deficiency judgment if judicial foreclosure

NO
deficiency judgment if trustee's sale foreclosure

Cal. Code Civ. Proc. § 580d


* If a senior lienholder forecloses on the property, the "wiped out" junior lienholder who no longer has a secured note may not sue on this promissory note for those categories indicated in the chart.

This legal chart is just one of the many legal publications and services offered by C.A.R. to its members. For a complete listing of C.A.R.'s legal products and services, please visit C.A.R. Online at www.car.org.Readers who require specific advice should consult an attorney. C.A.R. members requiring legal assistance may contact C.A.R.'s Member Legal Hotline at 213.739.8282. C.A.R. members who are broker-owners, office managers, or Designated REALTORS® may contact the Member Legal Hotline at 213.739.8350 to receive expedited service. The access times are Monday through Friday, 9:00 A.M. to 6:00 P.M. Members may also fax or e-mailinquiries to the Member Legal Hotline at 213.480.7724 or This email address is being protected from spambots. You need JavaScript enabled to view it.. Written correspondence should be addressed to:

California Association of REALTORS®
Member Legal Services
525 South Virgil Avenue
Los Angeles, California 90020

The information contained herein is believed accurate as of February 25, 2008. It is intended to provide general answers to general questions and is not intended as a substitute for individual legal advice. Advice in specific situations may differ depending upon a wide variety of factors. Therefore, readers with specific legal questions should seek the advice of an attorney.

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