Francine Willingham, Willingham Real Estate  

Expert assistance and advice in real estate short sales, lender negotiations and the Home Affordable Foreclosure Alternatives Program

Deficiency Judgement

Can I Short Sale My Home For Free With No Deficiency Judgments? The availability of a deficiency judgment depends on whether you have a recourse or nonrecourse loan, which is largely a matter of state law. In some jurisdictions, first mortgages are non-recourse loans, but second and subsequent ones are recourse loans.

States that follow the title theory of mortgages typically allow non-judicial foreclosure procedures, which are fast, but do not allow deficiency judgments. States that follow the lien theory of mortgages require judiciary foreclosure procedures, but allow deficiency judgments against the debtor.

If you're considering short selling your home, determining this information up front is critical. We will investigate and determine your loan status and report our findings back to you within 24-72 hours.

Please provide the following information:

Locaton of Subject Property including State and Zip:
   

Purchase Date of Subject Property:
   

At the time of Purchase did you move in to the home?
   Yes
   No
   

If not, did you intend to move in?
   Yes
   No
   

How much is your property worth now:
   

How much did you pay for the property:
   

How many loans did you take out on the property?
   1
   2
   3
   

First loan amount:
   

Second loan amount:
   

Third loan amount:
   

Name of lender on first loan:
   

Name of lender on second loan:
   

Name of lender on third loan:
   

Did you refinance the first loan?
   Yes
   No
   

Did you refinance the second loan?
   Yes
   No
   

Did you refinance the third loan?
   Yes
   No
   

Is the first loan current?
   Yes
   No
   

Is the second loan current?
   Yes
   No
   

Is the third loan current?
   Yes
   No
   

Have you ever rented out the property?
   Yes
   No
   

Have you received a notice of default?
   Yes
   No
   

If so, when?
   

Were any of your loans part of a program such as FHA, CalHFA, or VA?
   Yes
   No
   

First name:
   

Last name:
   

Email address:
   

Phone (optional):