Archive for the 'California Foreclosure Law' Category
Can My Second Loan Sue Me? Whats The New Law In California Regarding Short Sales?
[caption id="" align="alignnone" width="512" caption="Jerry Brown Signs Anti Deficiency Law For Junior Lienholders"][/caption] What Happens To Second Mortgage on a Short Sale? Can My Second Mortgage Come After Me After I Do A Short Sale? Will My Second Loan Try To Collect? Can My Lender Sue ME? Will I have To Pay My Lenders Back After A Short Sale? What Is The New Short Sale Deficiency law In California? How Can I Find The Best Short Sale Agent? What Is The New Law Regarding Short Sales In California? As a Sacramento Area Short Sale Specialist, Multi-Certified Short Sale Negotiator and Experienced Short Sale Agent, I must stay abreast of the continuous changes in California Foreclosure Law . I spend a large part...
New Anti Recourse Law SB 458 Extends Anti-Recourse Protections of SB 931 to Second Mortgages
Will I have To Pay My Lenders Back After A Short Sale? What Is The Short Sale Deficiency Law In California Can My Second Lender Come After Me After A Short Sale In California? I Need To Do A Short Sale, What Are My Options? What Is The Newest Law Regarding Short Sales In California? What Happens To Second Mortgage on a Short Sale? What Is The Newest Law Regarding Short Sales In California? Report: Solving Your Mortgage Crisis Just Got Easier Here's a Video explaining California's new law from "The Short Sale Genius!" Forth Hoyt, Sacramento Certified Short Sale Specialist and Expert Short Sale Negotiator reports that California Law Now Stops Short Sale Recourse on second mortgages- Including All...
Newest California Anti Recourse Bill For Second Mortgages: SB458
Sacramento Short Sale Specialist And Certified Short Sale Expert Forth Hoyt Reports: California's Newest Anti-Recourse Senate Bill (SB 458) Will Extend Protection from SB931 (Or Civil Code Of Procedure 580(e) To ALL Second Mortgages. The newest California Short Sale Anti Recourse Legislation, introduced by Senate Majority Leader Ellen M. Corbett (D-San Leandro) . This bill would provide that a loan used to pay all or part of the purchase price of real property or an estate for years includes a subsequent loan, mortgage, or deed of trust that refinances or modifies the original loan... No matter if homes have been refinanced or not, all proceeds from short sales will be considered payment in full. The bill would prevent holders of second mortgages from...
CAR Short Sale Addendum Form Reminds Us Short Sale Is Often Times Long sale!
Here's a Great article by Bob Hunt from Realty Times There is a sense in which the term short sale is a bit of a misnomer. That is because short sales often take a very long time. This is just one of the things that principals and their agents need to be aware of if they are intending to be involved in a short sale -- i.e. a sale in which the proceeds will be less than the balance owed on the mortgage loan(s). Recently, the California Association of Realtors® (CAR) published a Short Sale Addendum (SSA) that may be used with an offer or counter offer in a short sale situation. The addendum is...
California Notice Of Default- The Beginning of the California Foreclosure Process
[caption id="" align="alignnone" width="300" caption="Notice of Default"][/caption] The Notice Of Default, filed with the County Recorder's office, is the beginning of non-judicial foreclosure process in California: Once the Notice of Default is recorded, the foreclosure time frame begins. This is technically the foreclosure starting point, and the beginning of the legal length of time to foreclose in California. California foreclosure law says that within 10 business days a copy of the recorded Notice of Default is sent by certified and regular mail to the borrowers at any addresses provided and any recorded special requests. After no more than 30 days, a copy of the Notice of Default is sent by certified and regular mail to new owners and all...
California Foreclosure Timelines and Foreclosure Information for California
CA - Time to Foreclose California State Foreclosure TimeFrames, Foreclosure Timelines in California And Time to Foreclose in California 06067 - Sacrameto Time to Foreclose Sacramento County Foreclosure TimeFrames, Foreclosure Timelines in Sacramento And Time to Foreclose in Sacramento California According to Forecloureradar.com, the average time for a foreclosure to be completed in Sacramento County is now 270 days. The timelines for California Foreclosures now stands at 319 days. On both Foreclosure Timeline Charts, this is the amount of time from the beginning of the foreclosure process to the trustee sale. These calculations of time to foreclosure in California and Sacramento foreclosure process time lines both use the filing of the Notice of Default as the initial day of the foreclosure process. It does not...
California’s New Short Sale Recourse Law and California Anti Deficiency Law History
[caption id="attachment_4294" align="aligncenter" width="231" caption="The Original Anti Recourse Laws For First Mortgages Were Written During The Great Depression"][/caption] Sacramento Short Sale Specialist, Expert Short Sale Negotiator and Multi-Certified Folsom Short Sale Agent Forth Hoyt reports: The history of California Short Sale Recourse Law, California anti deficiency law and mortgage debt relief law in California. Starting January 1, 2011: No Recourse on Short Sales that have been approved by a first mortgage holder. PERIOD! During the great depression, California had to deal with a huge percentage of homes going into foreclosure. Legislature in California was passed and laws were written to protect homeowners from recourse, after foreclosure. Back then, most mortgages were never refinanced (very short terms) and there weren't many short sales. So...
New Deficiency Protection For Sacramento Short Sales; SB 931 Protects All First Mortgages
[caption id="attachment_3848" align="aligncenter" width="600" caption="SB931, California may become SHORT SALE HEAVEN! "][/caption] Sacramento Short Sale Certified Specialist and Folsom Certified Short Sale Specialist reports: When Governor Schwarzenegger signed SB931 last October, California was set to become SHORT SALE HEAVEN! Short Sale and Foreclosure Deficiency in California may be a thing of the past! Sacramento's newest homeowner protection bill, SB 931 which goes into effect January 1 2011, stops Deficiency Judgments on short sales in California on ALL FIRST MORTGAGES no matter how are when they were originated! Just like the Great Depression, The Great Recession is forcing lawmakers to pass laws that protect homeowners. In California during the Great Depression, thousands were losing homes to foreclosure and lawmakers in Sacramento...
SB931 Signed Into Law; California Homeowners Get Deficiency Protection After Short Sale!
SB 931 signed into law. New Civil Code Section 580e will stop deficiency judgments on short sales in California Deficiency for short sales in California are illegal on first mortgages! No Deficiency after short sale Sacramento Certified Short Sale Specialist and Expert Sacramento area Short Sale Negotiator Forth Hoyt Reports: New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For? California Gov. Arnold Schwarzenegger signed senate bill SB931 into law Oct. 1. The new short sale law prohibits mortgage holders from pursuing deficiencies after a short sale has been accepted. The law covers all first mortgages, and applies whether or not the property has been refinanced. Before S.B. 931, many distressed homeowners who sold their homes for less than the owed amount...
California Deficiency Judgments on Sacramento Area Bank America Short Sales
[caption id="attachment_3376" align="aligncenter" width="300" caption="Bank Of America's Deficiency Language in Short Sale Approvals"][/caption] Forth Hoyt's Sacramento Short Sale Center Presents More Information on Short Sale Deficiency in California. Homeowners in Folsom, El Dorado Hills and the entire Sacramento metro area are looking for foreclosure options, answers, choices and ways to save their credit and stop foreclosure. 08/23/10 LEGAL ALERT! READ ABOUT New Deficiency Protection For Sacramento Short Sales Just got a call from a nice agent in Danville. She called me off my website; the Sacramento Short Sale Center at wereheretohelp.org... she was doing Google searches for information on California deficiency law as it relates to short sales and foreclosures in California,and came across my site by doing a search for California Short...
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