In Washington, its up to the lender how he wants to proceed, regardless of "purchase money" vs. "non-purchase money"- he can foreclose through the courts (which virtually nobody does) and get a deficiency judgment, or non-judicially and be limited to return of the property as his only remedy.
I've often thought that the big lenders should retain somebody locally to look for other assets, before deciding which way to go- many borrowers back in the hey-day had other assets, so should have been foreclosed judicially with a deficiency judgment- but lenders apparently ignored that possibility, and forged onward with a non-judicial foreclosure. Seems to me that you might want to fork out 5 grand for a judicial foreclosure, if you're going to take a 100 grand bath on a non-judicial and the borrower has other assets.
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Today's Featured Article - Reflections of the Fifties - by "Country" Elliott. I remember rowing up in the 1950�s in a small, rural town in northwestern New Jersey. The closest town to ours was only 3 miles away, and there were seven dairy farms in the areas of these two country towns. We had 5 acres, and because my Dad was a salesman and not a dairy farmer, he let the Bockovens, who owned the Willow Tree Dairy farm most of our land.
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