What Congress took away ten years ago, the California legislature may give back if SB 308 becomes law. When the Bankruptcy Code was amended in 2005, Congress gifted the car finance industry with a plum: those who filed bankruptcy could no longer make their car payments after bankruptcy and count on keeping their cars. Instead debtors were […]
California Foreclosure Law Streamlined By Amendment
California foreclosure law now permits a sale date to be set before the reinstatement period has run, under a new provision to the Civil Code. An amendment effective January 1, 2011 allows the trustee under the deed of trust to record the notice of sale up to five days before the 90 day cure period […]
No Recourse for Junior Lien in Short Sale
Junior lenders who consent to a short sale of underwater homes are barred from seeking to collect anything further from sellers under a newly enacted California statute. The law, signed on July 15, 2011, becomes effective immediately. It applies to properties, held by individuals, comprising 1-4 residential units. Senate Bill 458 accords the same restrictions […]
How Long Til Foreclosure?
Everyone who has made the painful decision to let an unaffordable house go to foreclosure wants to know: how long before they have to get out. While the statutory foreclosure process in California , on paper, takes a little more than 4 months, if the the creditor is perfectly efficient, creditors aren’t perfectly efficient. In […]
California addresses foreclosure crisis
California’s legislature passed changes to state foreclosure law that attempts to require dialog between an unpaid mortgage lender and a homeowner facing loss of his home. SB1137 adds a requirement that the parties meet and discuss options to foreclosure before a notice of default can be recorded. Lenders must advise the debtor of the availability […]
Bay Area credit card debt
The changes to credit card billing practices proposed by the FRB are welcome, but just scratch the surface of the crushing quality of credit card debt. My sense, talking to financially stressed people day after day, is that credit cards have merely postponed for many Bay Area residents the recognition that they cannot live a […]
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