Schedule a free consultation with one of our experienced Deficiency Judgment San Francisco Lawyers by filling out the form below or calling us at 415-273-8015.
Facing a deficiency judgment after foreclosure can be a frightening experience for homeowners in San Francisco. At Shapero Law Firm, our skilled San Francisco deficiency judgment lawyers understand the stress and uncertainty you may be feeling. We’re here to provide the legal guidance and support you need to protect your financial future.
If you’re concerned about a potential deficiency judgment or have received notice of one, don’t hesitate to contact our office to schedule a consultation with one of our experienced attorneys.
Deficiency judgments can be a confusing and stressful issue for homeowners in San Francisco. In this section, we’ll explore what deficiency judgments are, how they apply in San Francisco, and the key factors that determine whether a lender can pursue one.
A deficiency judgment is a court order that requires a borrower to pay the difference between the outstanding mortgage balance and the amount the lender recovers through a foreclosure sale. In San Francisco, if your home sells for less than what you owe on your mortgage, your lender may seek a deficiency judgment to collect the remaining debt.
In San Francisco, a lender’s ability to seek a deficiency judgment after foreclosure depends on several factors, including the type of loan, the foreclosure process used, and whether the property was a primary residence or an investment.
Generally, lenders cannot seek deficiency judgments on purchase money loans for primary residences in California. However, they may pursue deficiency judgments on refinanced loans, second mortgages, or loans for investment properties.
Our experienced San Francisco deficiency judgment lawyers at Shapero Law Firm can assess your loan documents and the circumstances surrounding your foreclosure to determine if you may be at risk of a deficiency judgment.
In San Francisco, the type of loan you have can significantly impact your risk of facing a deficiency judgment after foreclosure. The two main types of loans are non-recourse and recourse loans.
Non-recourse loans, which typically purchase money mortgages for primary residences, limit the lender’s recovery to the proceeds of the foreclosure sale. This means that if the sale doesn’t cover the outstanding balance, the lender cannot pursue a deficiency judgment against the borrower.
On the other hand, recourse loans, which may include refinanced mortgages, second mortgages, or loans for investment properties, allow the lender to seek a deficiency judgment if the foreclosure sale doesn’t satisfy the debt.
Our skilled San Francisco deficiency judgment lawyers at Shapero Law Firm can help you understand the nature of your loan and how it may affect your liability for a deficiency judgment.
In California, the statute of limitations for deficiency judgments is tied to the process of obtaining the judgment rather than a separate time frame. After a judicial foreclosure, lenders must apply for a deficiency judgment within three months of the foreclosure sale. The general four-year statute of limitations for written contracts (California Code of Civil Procedure Section 337) does not directly apply to deficiency judgments, which are governed by specific procedures outlined in the California Code of Civil Procedure.
It’s important to note that deficiency judgments are only permitted after judicial foreclosures, and lenders must follow the prescribed procedures, including applying for the judgment within the three-month window. Additionally, California law prohibits deficiency judgments after non-judicial foreclosures (California Code of Civil Procedure Section 580d).
If you’re facing the possibility of a deficiency judgment in San Francisco, it’s wise to understand your options for avoiding or reducing the impact. In this section, we’ll discuss strategies such as short sales, negotiating with your lender, and filing for bankruptcy. Our skilled San Francisco deficiency judgment lawyers at Shapero Law Firm can help you explore these options and develop a plan that fits your unique circumstances.
There are several strategies that may help you avoid a deficiency judgment in San Francisco, depending on your specific circumstances. Some options include:
Our skilled San Francisco deficiency judgment lawyers at Shapero Law Firm can evaluate your unique circumstances and help you explore the most appropriate options for avoiding a deficiency judgment.
A short sale is a process in which you sell your property for less than the outstanding mortgage balance, with the lender’s approval. In San Francisco, a short sale can potentially help you avoid a deficiency judgment if:
However, it’s important to note that not all short sales result in the avoidance of a deficiency judgment. The lender’s agreement and the specific terms of your loan will play a significant role in determining the outcome.
Yes, a skilled San Francisco deficiency judgment lawyer can be invaluable in helping you negotiate or avoid a deficiency judgment. At Shapero Law Firm, our attorneys have decades of combined experience representing homeowners in deficiency judgment cases and can provide the expert guidance and advocacy you need to protect your financial future.
Our lawyers can:
Don’t face the threat of a deficiency judgment alone. Contact Shapero Law Firm today to schedule a consultation with one of our experienced San Francisco deficiency judgment lawyers and learn how we can help you protect your rights and interests.
Yes, in some cases, it may be possible to negotiate with your lender to reduce the amount of a deficiency judgment in San Francisco. Lenders may be willing to accept a reduced amount as a lump sum payment or through a payment plan to avoid the time and expense of pursuing a full deficiency judgment.
At Shapero Law Firm, our experienced attorneys can:
If you are facing a deficiency judgment in San Francisco, don’t hesitate to contact Shapero Law Firm to schedule a consultation with one of our skilled deficiency judgment lawyers. We can help you understand your options and work toward a resolution that protects your financial well-being.
A deficiency judgment can have significant and long-lasting consequences for your financial well-being in San Francisco. In this section, we’ll examine how a deficiency judgment can affect your credit score, what assets may be at risk, and how long the judgment can remain enforceable. Our knowledgeable San Francisco deficiency judgment lawyers at Shapero Law Firm can help you understand these impacts and work to minimize the damage to your financial future.
With over a decade of litigation experience, Attorney Sarah Shapero, founder of Shapero Law Firm, has secured seven-figure jury trial wins and saved countless homes from foreclosure. A Super Lawyer and Lawyer of Distinction, she brings expertise in foreclosure, employment, and bankruptcy law, practicing in California and federal courts.
Trust her proven track record and commitment to delivering powerful legal results.
Yes, a deficiency judgment can have a significant negative impact on your credit score in San Francisco. If a lender obtains a deficiency judgment against you, it will be reported to the credit bureaus as a delinquent debt, which can lower your credit score substantially.
A lower credit score can make it more difficult for you to obtain credit in the future, such as loans for a new home or car, credit cards, or even rental applications. It can also result in higher interest rates and less favorable terms if you are approved for credit.
If a lender obtains a deficiency judgment against you in San Francisco, they may be able to target various assets to satisfy the judgment, depending on the specific circumstances of your case. Some assets that may be at risk include:
Our experienced San Francisco deficiency judgment lawyers at Shapero Law Firm can help you understand which assets may be at risk and explore strategies for protecting your property from a deficiency judgment.
In San Francisco, a deficiency judgment can remain enforceable for a significant period, making it a long-term financial burden for homeowners. Once a lender obtains a deficiency judgment, they have up to 10 years to collect on the judgment in California.
However, the lender may be able to renew the judgment for an additional 10-year period if they take specific legal action before the original judgment expires. This means that a deficiency judgment could potentially follow you for decades if you do not take steps to address it.
If you are facing the prospect of a deficiency judgment or have already received notice of one, don’t wait to seek legal assistance. Contact Shapero Law Firm today at 213-394-6031 to schedule a consultation with one of our knowledgeable San Francisco deficiency judgment lawyers. We can help you understand your rights, explore your options, and develop a strategy for moving forward with confidence and peace of mind.
At Shapero Law Firm, your dedicated Deficiency Judgment San Francisco Lawyer, we provide expert guidance through the complexities of deficiency judgments. Located at 100 Pine St Ste 530, San Francisco, CA 94111, United States, we are well-positioned to serve clients across San Francisco. Visit our office for tailored legal support designed to protect your financial future. For easy navigation, our GeoCoordinates are @37.7925848,-122.3989844,15z.
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I contacted Sarah when I was facing tough legal issues. Although I never met her in person she ended up being an amazing advocate, tough negotiator and very knowledgeable representation. In all my communication Sarah was clear, thorough and very neutral about my position and options. I’ve had multiple dealings with attorneys…so I’m experienced. I would give Sarah top ratings across the board.
I have worked with many in the past and Sarah is great with understanding my goals and working with me to create a plan that fits those goals. She has assisted on a number of real estate transactions and legal matters for me and is always available, communicative, and presents all options with risks and costs so we can decide the best route. Highly recommend.
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The cost of hiring a San Francisco lawyer to fight a deficiency judgment can vary based on the unique aspects of your case, such as its intricacy, the lawyer’s track record and expertise, and the particular legal approach taken.
At Shapero Law Firm, we recognize the financial burden that comes with facing a deficiency judgment. That’s why we are committed to offering clear and fair pricing for our services. When you come in for your initial consultation, our attorneys will carefully assess your case, walk you through your options, and provide you with a detailed estimate of the costs involved in our representation.
In some cases, filing for bankruptcy may help you discharge a deficiency judgment in San Francisco. The specific impact of bankruptcy on a deficiency judgment will depend on the type of bankruptcy you file and your individual financial circumstances.
Chapter 7 bankruptcy, which is often referred to as a “liquidation” bankruptcy, may allow you to discharge certain unsecured debts, including deficiency judgments. However, to qualify for Chapter 7, you must meet specific income and asset requirements.
Chapter 13 bankruptcy, sometimes called a “reorganization” bankruptcy, may allow you to include the deficiency judgment in a structured repayment plan. While this may not eliminate the debt entirely, it can help make the payments more manageable and provide protection from collection actions.
California’s anti-deficiency law provides significant protections for homeowners in San Francisco and across the state. The law, codified in California Code of Civil Procedure Sections 580b and 580d, generally prohibits lenders from seeking deficiency judgments against homeowners in certain circumstances. Specifically, if a homeowner has a “purchase money loan” used to buy a residential property that they occupy, and the property is part of a building that houses one to four families, the lender cannot pursue a deficiency judgment after a foreclosure.
This protection extends to both first and second mortgages used to purchase the home but does not apply to loans that have been refinanced unless the refinanced amount was used solely to pay off the original purchase money loan68. For refinanced loans, the anti-deficiency protection only covers the original principal balance of the purchase money loan that remains unpaid at the time of foreclosure56.
If you believe that a deficiency judgment against you in San Francisco is invalid or unfair, you can challenge the judgment through a legal process. The specific steps for challenging a deficiency judgment will depend on the circumstances of your case and the grounds for your challenge.
Some common grounds for challenging a deficiency judgment in San Francisco include:
Challenging a deficiency judgment can be a complicated legal process, and it’s best to have a skilled San Francisco deficiency judgment lawyer on your side. At Shapero Law Firm, our experienced attorneys can review your case, identify potential grounds for challenging the judgment, and guide you through the legal process of asserting your rights.
Yes, a skilled San Francisco deficiency judgment lawyer can provide valuable assistance if you are facing a deficiency judgment resulting from an investment property in San Francisco. Investment properties are often subject to different legal rules and protections than primary residences, making it important to have knowledgeable legal guidance.
Deficiency judgments resulting from investment properties can be particularly challenging, as they may involve significant financial liabilities. Seek the advice of a knowledgeable San Francisco deficiency judgment lawyer who understands the unique considerations involved in these cases.
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Schedule a free consultation with one of our experienced lawyers today by filling out the form below, or call us at 415-906-6134.
Schedule a free consultation with one of our experienced lawyers today by filling out the form below, or call us at 415-273-8015.