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Non recourse loans and california foreclosure law

John McConnin, Esq. October 21, 2008, 12:02 am, by John McConnin, Esq.

California real estate law is complex. Short sale do not always lead to a betterresult than a foreclosure. CCP 580b is one of the reasons why. This law protects homeowners (residences) who have not refinanced their loans. Before you agree to a short sale, loan modification or any other type of workoutread your contracts and documents. You may not wish to waive your anti-deficiency protections. California Code of Civil Procedure 580b. No deficiency judgment shall lie in any event after...
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California real estate law - taxation of recourse vs. non recourse loans

John McConnin, Esq. October 15, 2008, 12:32 am, by John McConnin, Esq.

California Mortgage Debt forgivnes act is only granted until the end of 2008.  http://info.sen.ca.gov/cgi-bin/postquery?bill_number=sb_1055&sess=CUR&house=B&site=sen If you have CCP 580b protections and you do a short sale, you may wish to make sure the short sale closes by the end of 2008.  If you close in 2009, you may have an issue with the Franchise tax board.  If someone with non recourse loans accepts a foreclosure then according to CCP 580b the lender may not...
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