Shay's Video Presentation - California Deficiency Judgment Potential

[The Professor]

Funny things happen in pairs. I had a student in one of my online classes ask yesterday virtually the same question Elgume asked in his "To the Professor" thread. I regularly answer student questions by producing a short video, so thought it would be a good idea to share the short (well 20 minutes isn't exactly short) video with you.

Oh and ***, don't worry, this isn't an infomercial. If it does anything along those lines it is just to repeatedly advise forum participants to seek legal advice from an attorney in their state well versed in real estate law and debt collection practices.

And if I fumble a bit, well it was almost off the cuff with little preparation other than to create a few PowerPoint slides.

The video link is: http://tinyurl.com/qoyxts

Enjoy,

Daniel

[knownick]

Very useful, thanks for taking the time to put that together. It effectively explained in 20 minutes what I've spent weeks if not months trying to piece together myself. I'm sure others will greatly benefit from it.

[Enough Already]

Hi Prof,

Very educational. Thanks for posting...too bad I didn't purchase my primary residence in CA!!!

EA

[trappedincali]

That was an excellent overview and should be stickied. As stated, it covered most of the important material discussed here in one shot.

[J2911]

Daniel, thanks for posting. Very informative!

[centralcoast]

Professor
I bought my house in 2005 with a 80/20 loans.
We are trying to do a short sale (bought it $500k NOW $250k). I do not know yet if the bank will accept a short sale.
I never refinanced the loans. The two loans are currently with HSBC.

If I do short sale or foreclosure, the second loan can not go after me, right?
We have no paid for 6 months.

At this point I do not really care about my credit report, I am just concern about them trying to get deficiency money from me.

Should I be concern?

Thanks

[sleepless in ca]

Very informative, Prof Shay. Thanks!