California Real Estate Foreclosure Law

When you consider California real estate foreclosure law, it is important to know what questions you need answers to before venturing in research. California has a wide selection of laws. The laws cover topics, such as associating disputes, rights act for basic interest development, consumer rights, dispute topics, statutory bases, renewal specifics, deficiency, and more.

Some of the latest laws came available recently, which cover Real Estate Laws – Text and Case. These laws commit to a few standard aims of the precursors. The first law covers the logical, succinct coverage “of all” the state laws that are relevant to real estate. The second law covers the viable applications “of all” chief abstracts and officially permitted principles explained in the decree. The third law is cases studied and analyzed in which have ascent to standard circumstances and that propose opening for privileged negotiations. The forth law is the expansion of coverage in essential locations that has been presented preceding the releasing of the first edition. This makes up the lease, deed of good faith on foreclosures, environmental, eviction processes, listing, and agreement laws.

The recent edition supplies concrete and succinct details and clarification of the current laws in California as well as the penalties. The laws fail to give meticulous detail to a particular law, but it does offer you a well-organized structure. It is a valuable tool to use as a reference.

Other California real estate foreclosure laws in progress cover the homebuyers, sellers, and affiliates. Broker laws are present as well in California. Since the mortgage brokers assist clients with getting their hands on a loan, thus, money is involved and for the good interest “of all” parties, the laws will not allow a broker to take part in helping borrowers find loans without a license. The broker must obtain his or her license from California’s “Department of Corp,” or from the Real Estate Department. You can check with either department to find out if a broker is licensed by the proper officials in the state of California.

Before you start signing papers with a broker, it is important to discuss fees. Brokers work on a commission basis and often receive lender fees. California does not set limits on these fees. The broker is usually paid by the buyer or lender. You can pay the broker with cash, rebates, or proceeds from your home loan. The fees are added to your mortgage.

California does not set laws on interest rates. The rates change on a daily basis, based on the market changes. Be sure to ask your broker about interest rates. All loans have interest attached including, APA, or Annual Percentage Rates, and so on. Ask about all interests that could potentially incur on your loan. Points, rebates, and other options are offered with some loans as well. Make sure you understand all pay options, drawbacks, point systems, clauses, stipulations, interest rates and more before signing any papers with a broker. To learn more about California real estate foreclosure law, visit the Internet today.

Foreclosure Laws in Ohio – Why Foreclose, When You Can Refinance by Ohio State Laws!

The home owners of US are quite badly struck with the downfall of the economy and the fluctuating property rates. One of the most badly struck states is Ohio. Considering the condition the government has come forward to help the struggling families.

Here are some points that would help you understand the foreclosure laws in Ohio

· You must have the right knowledge of the foreclosure process, foreclosure laws & the options that you have to save your home. For that the government has launched the project – Save Your Dream. Under this project the government has launched a website with the same name. Log on to this site and gather as much details as possible.

· You must act in time. The more delay you do, the more problematic the issue becomes! And of course, no lender would forgive you for your laid back attitude when you are not paying the debts! So contact your lender as soon as possible and tell them your hardship. You must also contact the loss mitigation counselors simultaneously.

· When ever the lender contacts you through mail or letter, make sure that you respond back to them. It would help you maintain a better rapport with the lender or the mortgage company.

· In stead of approaching the private loan negotiators, prefer the counselors appointed by HUD. They access your financial situation & help you put across your case better in front of the lender. They make sure that you settle for a long term affordability rather than a temporary relief.

· You can go ahead to meet non profit organizations like Ohio Neighbor Works. They act as a liaison amidst the borrower & the lender. The government is also conducting several programs like Ohio’s Borrower Outreach Days. This way the government reached out to all the parts of the state and provides the home owners with essential information like loan counseling, loss mitigation, information on legal aids, credit counseling, refinancing, etc.

· Under certain circumstances you can be eligible for the Opportunity Loan Refinance Program and the Ohio Housing Finance Agency’s (OHFA) refinance opportunities. Both programs they give the home owners an affordable fixed rate loan in place of the unaffordable loan based on ARM that is adjustable rate mortgage.

Here are some details on refinance done under the Ohio State Laws:

Under this program, the Federal Government helps the borrowers to save home. OHFA works on the basis of a person’s current monthly income and helps them have an affordable rate of interest. They refinance their existing ARM based unaffordable loans into secured 30 year fixed rate loans. However, in case your mortgage amount is exceeding the real worth of your home, you are not legible for the OHFA opportunity benefits.

Foreclosure Laws in Texas

In Texas, both judicial or in court and non-judicial or out of court foreclosures are followed. As in all states where this is the case, the determining factor as to which process will be followed, is whether or not the mortgage or deed o trust has a power of sale clause in it, Most do and therefore most foreclosures follow the out of court process. It’s less costly and quicker for the bank to do it this way.

Judicial foreclosure takes longer, because a judge must declare a foreclosure, following the filing of a law suit. After this happens, the auction proceedings are the same as power of sale or out of court foreclosures.

Before going forward with a foreclosure, the bank has to send the home owner a letter of demand. This letter states that homeowner has only twenty days to make up the payments they are behind on, or the foreclosure will start.

After the twenty days has expired, and at a minimum of 21 days prior to the scheduled sale of the property, the bank must file a notice of foreclosure, with the county clerk. They must also send this same notice to the home owner at their last known address. In addition to these two announcements of the sale date, this same notice must be placed or posted on the door of the courthouse in the county where the home is located.

Texas is what is referred to as a Super Tuesday or super sale date state. On the first Tuesday of every month, every property in foreclosure for that month is auctioned off. Holidays are no exception to this rule.

The sale is held at the courthouse steps and the bidders must be prepared to pay in cash, of course the bank may if they don’t like the highest offer. Since they are the ones who are owed the money that this home is securing, they don’t really pay that bid, they just take it back. In other words, they are choosing to be stuck with the property, rather than take the highest bid.

In Texas, the bank can choose to pursue the home owner for the difference between the fair market value of the property and what was not generated at auction. Fair market value is calculated at the time of the sale. Most banks realize that the person who lost the home to foreclosure does not have other resources to pay the difference between the auction price, and the loan amount, so they usually don’t pursue the homeowner for the money.

Primer on Texas Foreclosure Law

Homeowners actively seeking to modify their loans are dealing with the threat of foreclosure. The modification process is often a test of wills – a marathon. How long and how persistent can you be in pursuing your modification? Successfully completing a loan modification requires many letters and calls.

But did you know that your lender has already sent your file to their attorneys? The lender’s attorney is running a parallel course to your modification journey. Increasing ling, the line between the information you receive from the lender and their attorney is blurred. I often hear from borrowers that they don’t have to worry about foreclosure because they’re working on the modification.

They could not be more wrong.

Texas foreclosure law requires certain notices be provided to you in advance of the actual foreclosure date. Let’s simplify this process by working backwards:

1. The last notice you will receive is the Notice of Sale, at least 21 days before the actual sale date. It will contain the actual sale date, time and location. Texas law requires that foreclosures are conducted on the first Tuesday of every month.

Please contact your attorney immediately if you have received a notice setting forth a date and time of sale. You must take action immediately to protect your home ownership!

2. You will receive a notice of acceleration at least 30 days prior to receiving the 21 day letter. This letter accelerates maturity of your promissory note so that the entire principal amount is due, not just your monthly payment.

This letter is also a call to action. Please contact an attorney for assistance.

3. You will receive a collection letter and threats of acceleration of foreclosure in the 30 day period prior to the actual acceleration of your loan.

This letter is also confusing as it may come from the lender or the lender’s attorney. In fact, none of the letters are required to be sent from an attorney.

So what do you look for, whether you’re attempting to modify your loan or not? The goal here is to provide you with the opportunity to protect your home and family. Usually that means bankruptcy. It’s not as bad as it sounds and it’s designed to protect you – take full advantage of the protections bankruptcy law allows.

  • Do not ignore certified letters. You do not avoid notice if you do not pick up the mail. All the lender has to do is prove that they mailed the letter, not that you picked it up.
  • Look for a sale date included in the letter. Call an attorney immediately if you see a date and time in the letter.
  • Do not be lulled into a false sense of security while you are negotiating your modification. Obtain promises in writing – do not rely on oral agreements from your lender.

Finally, be proactive about your situation. You’ll find that you actually have more information available to you than what you think.

Arizona Foreclosure Law Procedures Summarized

Arizona foreclosure law is fairly simple, though it can become a bit complex. The laws dealing with it, however, are written out very well. Both judicial and non-judicial foreclosures are allowed in Arizona. Though these two methods may be contradictory, they allow for a wider range of foreclosure availability. Arizona foreclosure law is, simply put, nearly identical to the laws of most other states.

Judicial Foreclosure

Arizona foreclosure law, when speaking of judicial foreclosure, involves filing a lawsuit to obtain a court order to foreclose. It is used when no power of sale is present in the deed of trust or the mortgage. Generally, after the court declares a foreclosure, the home will be auctioned off to the highest bidder.

Non-Judicial Foreclosure

Arizona foreclosure law, when dealing with non-judicial foreclosure, is used when a power of sale clause exists in a deed of trust or mortgage. A power of sale clause is the clause in a deed of trust or mortgage, where the borrower fore-authorizes the sale of the property to pay off the balance on a loan in the event of their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or representative, generally referred to as the trustee. These are important guidelines to recognize when working to stop foreclosure on a home in Arizona.

Power of Sale Foreclosure Guidelines

If thee mortgage or deed of trust contains a power of sale and specifies the place, time, and terms of sale, then the specified procedure must be followed. Otherwise, the following non-judicial power of sale foreclosure procedure should be used to properly and legally follow Arizona foreclosure law.

Following Arizona foreclosure law, the trustee must record, in the office of the recorder of the county where the property is located, a record of sale. Within five days after the notice is recorded, the trustee must mail a copy of the notice of sale to each of the parties to the trust deed, except for him or herself. In addition, the notice must appear in a newspaper in the county where the property is located once a week for four consecutive weeks, with the last notice published no less than ten days before the date of sale.

Optionally, however, if it can be done without a breach of the peace, the trustee can post the notice at least twenty days prior to the date of sale, in some conspicuous place on the property to be sold. He or she can also post the notice at the courthouse or at a specified place at the business place of the trustee in the county which the property is located.