| association, representing 1 million members, including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. NAR's membership is composed of residential and commercial brokers, salespeople, government guaranteed loan managers, appraisers, counselors, and others engaged in all aspects of the real estate industry. Members belong to one or more of some 1,600 local associations and boards and 54 state and territory associations of Realtors. They are pledged to a strict Realtor "Code of Ethics and Standards of Practice," which includes duties to clients, the public, and other Realtors. The NAR wields government guaranteed loan power as a lobbying organization for real estate buyers and sellers. The legal protection in question -- detailed in Section 580b of the California Code of Civil Procedure -- dates to the Great Depression, when government guaranteed loan Legislature passed a number of measures to protect Californians losing their homes in foreclosure sales. Because home values were plummeting and few people had money to bid at foreclosure auctions, destitute borrowers couldn't pay off the mortgage and were left facing a lifetime of debt. To this day, California remains one of a handful of states that bar lenders government guaranteed loan hounding borrowers for the difference if a house fetches less in foreclosure than is still owed on the mortgage, what's known as a deficiency. There are some important catches to this little-known rule. Foremost, the protection applies only to original mortgages used to buy homes. It doesn't apply to government guaranteed loan mortgages, which were an alien concept during the Depression. It also depends on how the lender forecloses. Typically, lenders foreclose by essentially filing paperwork with the county recorder and conducting sales weeks government guaranteed loan -- evoking images of foreclosure sales conducted on the steps of the county courthouse. If lenders choose this route -- and the vast majority do -- they cannot pursue the unpaid portion of the mortgage, regardless government guaranteed loan whether it's the original loan or a refinanced loan. Lenders may charge various fees when giving a mortgage to a mortgagor. These include entry fees, exit fees, administration fees and lenders mortgage |
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