Perspective
Jun. 8, 2011
Defending the Guarantor: The 'Sham Guaranty’ Defense
California's anti-deficiency laws protect guarantors from sham guaranties designed by dishonest lenders. By Robert M. Heller of Robert M. Heller PLC
Are deficiencies in non-judicial foreclosure sales "guaranteed?" A lender conducting a non-judicial foreclosure sale has every incentive to bid less than the fair market value of the security property if the deficiency - the difference between the outstanding indebtedness and the winning bid - is "guaranteed."
Take, for example, a recent case where a lender was owed more than $3 million from the borrower, and the...
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