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 - A Farmall Story - by Ed Meadors. The year was 1978. Our young family had recently moved to rural Chesapeake, Virginia to a plot of land which would finally allow us to realize our dreams of a huge garden, critters and more lawn and pasture than we would ever use! We needed a TRACTOR; not a riding mower or tractor wannabe, but a real TRACTOR. The answer to our needs materialized in the form of a '44 Farmall A, complete with cultivators, discs, single plow, a 5ft.Woods belly mower and one, mounted spare 9.00x24 rear wheel.
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