Old Bank of America Short Sale Approval Letter Before CA Passed CCP 5802e many short sale letters came back with approval language like this language we received from Bank of America. (We always kept negotiating until we got better language) Be on the lookout for these old templates. They could come back to bite you […]
Read More →California Short Sale Law| Print | California Short Sale Law Short Sales are influenced by California Case law, California anti-deficiency Statutes, California Association of Realtor contract forms, California contract law, (approval letters, escrow instructions, negotiated releases) loan servicer (think lenders) duties to their investors, third party rules promulgated by agencies like fannie mae and freddie mac […]
Read More →If your senior lender forecloses on you property in California. The junior lender no long has security to foreclose upon. Junior lenders with no security are called sold out Juniors. Sold out juniors may be able to proceed against you to collect the balanced owned plus costs and fees. If you have two loans talk […]
Read More →Security First Rule Under California real estate law California courts have decided Lenders must foreclose on the property security your loan rather than going after you personally on the promissory note. One of the more well known cases where this is discussed is Walker V. Community Bank https://www.casemine.com/judgement/us/5914c6bdadd7b049347dd63e Note to California Property owners. If […]
Read More →California’s One Action Rule California Code of Civil Procedures Section 726(a), 726. (a) There can be but one form of action for the recovery of any debt or the enforcement of any right secured by mortgage upon real property or an estate for years therein, which action shall be in accordance with the provisions of this […]
Read More →California Code of Civil Procedure C.C.P 580b. (a) Except as provided in subdivision (c), no deficiency shall be owed or collected, and no deficiency judgment shall lie, for any of the following: (1) After a sale of real property or an estate for years therein for failure of the purchaser to complete his or her contract of […]
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