| Practice," which includes 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 american equity first loan services 580b 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 american equity first loan services were plummeting and few people had money to bid at foreclosure auctions, destitute borrowers couldn't pay american equity first loan services 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 deficiency. There are american equity first loan services important catches 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. american equity first loan services lenders choose this route |
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