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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 legislature also regularly enacts a variety of other resolutions which are not laws of general application, such as annual budget bills, appropriation bills for specific periods of time, acts authorizing the purchase or disposition of land by the state government, and acts authorizing the issuance of bonds which terminate automatically upon ...
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 ...
A real estate license must be obtained from the DRE in order to engage in the real estate business and to act in the capacity of a real estate broker or salesperson within the State of California. Before applying for a license, all education and experience requirements mandated by the Department must be fulfilled. [ 5 ]
Changes involving housing laws will come to California in the new year, but not all of them will go into effect at the same time. Gov. Gavin Newsom signed bills into law in 2023 that will go into ...
California has a powerful tradition of popular sovereignty, which is reflected in the frequent use of initiatives to amend the state constitution, as well as the former state constitutional requirement [18] (repealed in 1966 and enacted as Government Code Section 100) that all government process shall be styled in the name of "the People of the ...
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