Courtesy CAR Legal Department:

In a nutshell probably not but please consult your attorney and tax expert to discuss your specific situation;

For a summary of the current facts, click this link: deficiency article

Remember that a Judicial Foreclosure is uncommon in California where most banks use a Non-Judicial Foreclosure or Trustee Sale. However this is the lender’s choice and the borrower has no control over that election.

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