Why Some Loans Are Not Protected by Anti Deficiency Laws
- 2 days ago
- 1 min read
Special Episode 1, Short 3
Not every mortgage loan qualifies for the protections offered by anti deficiency laws or the one action rule. Mitchell Sussman explains that even in states like California where both protections exist, a borrower must still meet specific legal requirements for the laws to apply. If a loan falls outside those guidelines, the bank may still have the right to sue for the unpaid balance. Certain types of loans often fall into this category.
Home equity lines of credit are a common example, and many of them do not qualify for these consumer protections. This makes it important for homeowners to understand the details of their specific loan before assuming they are protected from personal liability.
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