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Strict foreclosure: Strict foreclosures are less common because only a few states allow them. In this case, the mortgage lender files a lawsuit against the homeowner, and if the homeowner does not ...
Using a "deed in lieu of foreclosure," or "strict foreclosure", the noteholder claims the title and possession of the property back in full satisfaction of a debt, usually on contract. In the proceeding simply known as foreclosure (or, perhaps, distinguished as "judicial foreclosure"), the lender must sue the defaulting borrower in state court.
Strict foreclosure is also an effective remedy where the value of the goods foreclosed is the equivalent of the debt due and owing, and the creditor can easily sell the goods for that value. In order to effect a strict foreclosure, the creditor must transmit a proposal indicating their desire to foreclose, which must be sent to the debtor and ...
The Ellis Act (California Government Code Chapter 12.75) [1] is a 1985 California state law that allows landlords to evict residential tenants to "go out of the rental business" in spite of desires by local governments to compel them to continue providing rental housing.
In every state, a borrower can exercise the right of redemption ahead of the foreclosure proceedings. The reality, however, is that the right of redemption is rarely exercised.
Lawmakers have gotten the message. Voters want and expect them to fix the state's housing and homelessness crisis.
The California Codes are 29 legal codes enacted by the California State Legislature, which, alongside uncodified acts, form the general statutory law of California.The official codes are maintained by the California Office of Legislative Counsel for the legislature.
Here's a scary number: Over 200,000 California tenants are directly affected by the rise in foreclosures. A report released yesterday -- "California Tenants in the Foreclosure Crisis" -- says that ...
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