| 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 best current mortgage pa rate duties to clients, the public, and other Realtors. The NAR wields substantial power as a lobbying organization for real estate buyers and sellers. The legal protection in question -- detailed in Section best current mortgage pa rate of the California Code of Civil Procedure -- dates to the Great Depression, when the 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 best current mortgage pa rate mortgage and were left facing a lifetime of debt. To this day, California remains one of a handful of best current mortgage pa rate that bar lenders from 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 best current mortgage pa rate apply to refinanced 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 later -- evoking images of foreclosure sales best current mortgage pa rate 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 of whether it's the |
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