“The bank has lost its right to seek a deficiency judgment.”
This breaking court news is based on a recent foreclosure case in California where the bank was granted a deficiency judgement against a widow’s estate based on land owned by her deceased husband that was foreclosed on after his death. The Court of Appeals of California, Fifth District reversed the decision for the bank’s deficiency judgement on November 21, 2014. This was a great win for consumers and big loss for the banks.
Here are the most important footnotes in the case: (more…)