Okay, so I was just about to draft a blog post on the new Federal loan modification/Housing Program Enhancements program that was announced today, when the NY Times blog “Bucks” scooped me. Ron Lieber and Jennifer Saranow Schultz have done a very good job hitting most of the big questions, and have done better than [...]
California has some of the most generous, pro borrower anti-mortgage loan deficiency statutes in the country. Here in one place they are listed and briefly described. This post is not a substitute for specific legal advice, however, and if you think you may have a deficiency exposure, you should see a qualified real estate lawyer to help you plan a course of action.
An “as is” clause is not an “anything goes” pass that allows a seller to dodge disclosure requirements. It is, however, a flag for the buyer that she should look extra carefully because there may be problems of neglect or inattention that a “reasonable inspection” will discover.
Misinformation about cancellation of debt and tax implications seems to be piling up. In particular, folks seem most confused by the receipt of Form 1099-A from lenders who have taken property back in foreclosure. But it’s not the 1099-A that causes the problem; it’s the 1099-C.
I frequently hear from clients and prospective clients telling me that they have “rearranged” their financial affairs through the use of so-called “quitclaim deeds” or other contractual mechanisms by which title to property–and by extension–liability for a mortgage, is transferred. The most common appearance of this tends to be in the marital dissolution and property [...]
This is the “official version” of what the United States government wants prospective debtors to know about Chapter 13. It is NOT the “inside baseball” version; just the government’s party line.
California Homestead Exemptions Increased by $25k as of January 1, 2010
A deficiency is what is left on the debt after a lender forecloses. Simple example: House worth $250k, debt of $450k, there’s going to be a deficiency of $200k. It can be principal and interest on the specific loan that was actually foreclosed, or it can be a completely different loan, like a second or third deed of trust. California is highly unusual and is very pro debtor in this regard. More often then not, deficiencies are barred due to the generous anti-deficiency rules.
Low rate of fraud investigations and prosecutions tied to evidentiary burdens created by the Bankruptcy Code, overworked prosecutors and United States Trustees, underpaid private trustees, the financial privacy laws and the lopsided cost of investigations.
The following post was originally written in response to the LinkedIn in response to the question: In an eminent domain case, what would limit the fair market value a property owner could receive under just compensation? As lawyers and courts like to say, the existence of such an agreement would likely be “probative but not [...]
