[quote=lifeizfunhuh]Thanks for the clarification sdr, but it was not a “faulty” post.

You are correct IF the lender seeks non-judicial foreclosure. This doesn’t mean the lender cannot seek a judicial foreclosure. Here is the scenario… a high net-worth individual makes a bad purchase on his home, and decides to save some money via a refi. The value of the house subsequently tanks and he decides to make a “strategic default” thinking there is nothing the bank can do about it because he has received advice on the internet that the bank cannot go after their assets.

The reason that 99.9 percent of foreclosures are non-judicial is because the deficiency is less than the expected litigation and other costs. I don’t know where that number is because I don’t litigate in this space. However, there is a number where judicial foreclosure is worthwhile, and personal assets are in jeopardy.

People should make their own choice based on their own situation, but it is better to have complete information about your rights before you do.[/quote]

Interesting,

…though I would think a “high net worth individual” wouldn’t be seeking internet advice on strategic defaults as the end all be all

… unless he was like Chinese or something… that would be trying to save a few bucks only to lose the bigger pot in the process…kinda like someone who would cancel $100/year collision policy on a 8 year old Mercedes thinking that it’s garaged 99% of the time and the risk of being in an at-fault accident would be minimal… only to be in an at fault accident 2 weeks later

…… Oh shit, never mind… Point taken…

But on a serious note, are there actual cases where there was an judicial foreclosure in CA. I’d be curious to read about what happened in the end..