Articles from February 2011

WHEN IS A LOAN MODIFICATION A BAD IDEA?

Thursday, February 24th, 2011

Click the Link Below to Watch the Discussion About Loan Modifications.

When Is A Loan Modification A Bad Idea?

This is a discussion about loan modifications between realtor DeVonna Meyer and real estate attorney Mark Strombotne.

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You should consult legal counsel to evaluate this legal precedent in the context of your specific facts.  The distribution of Legal Update does not by itself create an attorney-client relationship with the viewer.

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A “NONREFUNDABLE” DEPOSIT NEVER IS

Thursday, February 17th, 2011

A deposit does not become “non-refundable” merely by labeling it as such.  To keep a defaulting buyer’s deposit, the seller must satisfy the statutory requirements for liquidated damages.  Kuish v. Smith (2010) 181 CA4th 1419.

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HOMEOWNER HAS NO RIGHT TO SUE LENDER WHO FORECLOSES WITHOUT COMPLYING WITH MANDATORY 90-DAY DELAY (CIVIL CODE §2923.52 et seq)

Wednesday, February 2nd, 2011

Private individuals do not have the right to sue a non-complying lender or seek the invalidation of a foreclosure sale even though the lender failed to comply with Civil Code §§2923.52 which requires certain lenders to delay foreclosure proceedings for 90 days to allow the borrower time to seek loan modification.  Only regulatory agencies possess the authority to enforce lender compliance.  If the foreclosure sale has already occurred, the lender’s noncompliance with §§2923.52 or 53 does not affect the validity of the foreclosure sale.  Vuki v. Superior Court (2010) 189 CA4th 791.

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