What are some of the best ways to protect personal assets in California?
To make long story short, I’m facing a possible foreclosure on my first primary residential property in California. It’s a money purchase loan and it has never been refinanced. Due to the current California laws, I’m protected under what is called “anti-deficiency” law meaning once the bank foreclosed the property; they are not allowed to come after me for the balance that didn’t satisfy the loan balance after the sale of the auction. I want to be sure that my small personal assets are shielded from other unseen circumstances so here’s my question: I purchased a small residential parcel lot back in 2003 at a fairly cheap price in California using an owner financing agreement and it will be paid off next month. The grant deed will then be transferred onto my name and gets recorded with the county. What are the best strategic ways to transfer the title to me without the possibility of losing this property in case I get sue. The current value of this parcel lot is at around $45k. I don’t
- LandlordLv 71 decade agoFavorite Answer
It is doubtful that they would know about it.
If you can repay the money you spent of the banks you should. You are talking about stealing from them, you have the means to repay.
- 1 decade ago
Unless you have other creditors you needn't be concerned about being sued. The "current" anti deficiency statutes that you speak of have been in effect in California since the 1930's. They will prevent the lender from doing anything other than the foreclosure.
If you have other creditors and are concerned about protecting your assets, you need to speak with an attorney who specializes in debt collection and/or bankruptcy. Most attorneys will give you a 30 minute consultation for little or nothing.Source(s): Licensed California attorney and owner of a foreclosure company.