A California homeowner who negotiated a short sale of her home that left her personally liable to the lender for the shortage scored an appeals court victory expanding our understanding of the anti deficiency provisions of California law. Coker v. J.P.Morgan Chase, decided by the 4th Appellate District court, barred enforcement of the seller’s agreement to […]
The Realtor’s Guide To Home Sales In Bankruptcy
Sooner or later, every realtor will encounter a property involved in a bankruptcy case. Or a property that could escape foreclosure and sell, using bankruptcy. Bankruptcy’s a different world when it comes to real estate. It pays to know how to deal. Let’s walk through the principles and procedures involved when buying or selling real […]
The Struggle To Surrender Underwater Real Estate
How difficult it can be to surrender real property in bankruptcy when you have no hope of paying for it. After all, the lender takes a mortgage on the property so they can take it from you if you don’t pay. My client’s bankruptcy plan said he would make no payments on the rental’s mortgage […]
Lien Stripping Works Without A Bankruptcy Discharge
The waiting and uncertainty is over. The judges have decided. Chapter 13 debtors can void underwater junior liens even if they aren’t eligible for a bankruptcy discharge in the Chapter 13 case. So says the 9th Circuit Court of Appeals in a case called Blendheim, decided October 1. And so, a myriad of Chapter 20 debtors […]
Homeowner Beats Loan Servicer On Foreclosure Appeal
California appeals court slaps down servicer’s attempt to require payment of the entire mortgage loan a condition of homeowner protection. Nice try, Ocwen. But no, says an intermediate California appeals court. Such an interpretation would gut the California Homeowner’s Bill of Rights. Facing foreclosure The facts in Valbuena v. Ocwen are common: Ocwen became the servicer […]
Loan Modification Excuses No Longer Good With Courts
Some excuses never seem to wear out. There seems to be no limit to the number of times a mortgage loan servicer can claim they haven’t received all the documents they need. Then, they base their denial of a loan modification on the borrower’s lack of responsiveness. Whether your mental image of the problem […]
When Stagnant Home Values Mean Huge Savings
I thought the lien stripping ship had sailed. We are finally climbing out of the worst of the Great Recession and California real estate values are recovering. Turns out, I was wrong. It’s not too late to reduce your mortgage debt by tens, or even hundreds of thousands of dollars, if you live where real […]
California Restores Mortgage Debt Relief for 2013
California taxpayers who lost their home to foreclosure or a short sale in 2013 got a last minute tax break when the legislature extended favorable tax treatment for forgiven mortgage debt. The state law covers only sales or foreclosures occurring prior to January 1, 2014. It mirrors but is less expansive than the federal law on […]
Big Ocwen Payout To Victimized Homeowners
Ocwen’s mortgage servicing failings will cost it big bucks. The Attorneys General of the states and the CFPB have reached a settlement with Ocwen regarding its misconduct as a mortgage loan servicer. Ocwen must provide $2 billion in principal reductions to borrowers, along with cash to those who were victimized in the course of a […]
What You Don’t Know (Yet) About Your Mortgage Loan
The aftermath of mortgage mess mess will be with homeowners for as far into the future as we can see. Even those who held on to their homes can expect trouble. The “who’s got the note” theory of foreclosure defense that swept the rest of the country never made much headway in California. We are […]
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