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There are no deficiency judgments allowed on purchase money second loans in California. That's just standard verbiage Chase throws in. In fact, most second loans have no equity, no security for the loan, and if it goes to a trustee's sale, they get wiped out. However, don't construe this to be legal advice because I cannot give legal advice. This information comes from the California Association of REALTORS. If you want legal advice, you need to ask a lawyer.
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