Site: nolo.com
... This tactic to rid yourself of a bad real estate investment is called a "strategic default." ... With a strategic default, depending on your state's laws, you might be liable for a deficiency judgment ... Or, depending on state law, you might be safe from a deficiency judgment. ... Some states, like California, for example, have anti-deficiency laws. ... If a state has anti-deficiency laws, a foreclosing bank can't seek a deficiency judgment under specific ...