Can you believe this? A Loan Deficiency statute would allow banks to sue borrowers who had their homes foreclosed by said banks for deficiency judgment… Many Western states are Anti-Deficiency Judgment states… &  the banks were all holding off on foreclosures waiting til the laws would possibly come into effect so they could go after the homeowner w/ a lawsuit… Holy crap!…

That’s Real Estate Blah Blah!
Now that this law was repealed… In AZ, for instance, it was… &  banks are pressuring the state to put that law into effect so they can go after thousands of homeowners in Arizona & sue for deficiency… (basically a deficiency would be the amount owed vs the amount it sold for at the trustee sale on the courthouse steps for instance…) Now this is interesting as the lawyers and banks will score a huge win if this gets reinstated (cha CHING!!!!) and also they’ll set precedent as Banks passing laws that line their pockets… nice!
This will be interesting to watch…

If it happens in AZ, In can happen in CA & all around the West..

Grrrrrrr…. banks…