| and commercial brokers, salespeople, property 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 2nd chance mortgage 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 substantial 2nd chance mortgage as a lobbying organization for real estate buyers and sellers. The legal protection in question -- detailed in Section 580b of the California 2nd chance mortgage 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 the mortgage and were left facing 2nd chance mortgage lifetime of debt. To this day, California remains one of a handful of states 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. 2nd chance mortgage doesn't 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 2nd chance mortgage weeks later -- 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 2nd chance mortgage portion of the mortgage, regardless of 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 |  |
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