Legal Question in Bankruptcy in California

Re: foreclose

One can only have one "home" or primary residence, although you can own any number of houses. The law differs respecting foreclosures on an individual's home as opposed to other properties they own, so it is impossible to adequately give you a simple answer. The lender is the one who forecloses and if the loan is more than the value of the property, they CAN, in certain circumstances, (for instance, if you did not tell the truth in your loan application, you overstated your income, etc. ) sue you in court for judicial foreclosure and when the property they have made their loan on is not valued sufficiently to satisfy what is owed on their loan, they can satisfy the balance from other property you own. So, before you decide to fall into foreclosure, go to a real estate attorney who understands anti-deficiency laws and get advice.