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 […]
Super Bankruptcy Lawyer Spotted in Redwood City
Cathy Moran was again named a Super Lawyer in Bankruptcy for Northern California in 2023 for the 17th year in a row. This is pretty heady stuff, Cathy was heard to admit. But then, it’s just part of the job of getting clients out of debt and back in a sound financial place. Between this site, BankruptcySoapbox.com […]
California Pulls The Plug On Debt Buyers
Up until now, old debts lived on, until the person who owed the debt pulled the plug. That’s right: it is the person who is liable for the debt who can kill the debt off, not the person to whom the money is owed. Because, at law, there’s a limit on the age of a […]
Try The Community Property Two Step
Life and debt often presents us with conflicting imperatives. Bankruptcy is required, but when to file? One pressure says: File now! Another issue says: Wait! I saw this vividly this week when the couple walked in with a foreclosure sale in two weeks and $40,000 in taxes that won’t be dischargeable for 18 months. There’s no […]
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 […]
Bankruptcy Alphabet: X is for oeX
I had to stretch, I admit, for X in my Bankruptcy Alphabet. An OEX under California debtor/creditor law is an Order Of Examination that is issued when a creditor has a judgment. It’s a tool for the creditor to find and collect his money. The OEX allows the judgment creditor to eXamine the judgment debtor […]
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 […]
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