| commercial brokers, salespeople, property managers, appraisers, counselors, and others engaged credit equity home loan poor 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 credit equity home loan poor Realtors. The NAR wields substantial 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 the credit equity home loan poor 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 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 credit equity home loan poor There are some important credit equity home loan poor to this little-known rule. Foremost, the protection applies only to original mortgages used to buy homes. It 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 sales 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 credit equity home loan poor they cannot pursue the unpaid portion of the mortgage, regardless of whether it's the |
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