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California Mortgage Crisis ~ Wall Street sues California city looking to bail out homeowners
A city in California has become ground zero in a battle with mortgage lenders and now the federal government in its push to implement a radical new plan to assist homeowners who cannot meet the terms of their loans.
Fraud in California California Real Property Foreclosure, it has to be a judicial foreclosure The one action rule for real property Code of Civil Procedure section 726. § 726. Form of action; procedure Form of action; judgment. There can be but one form of action for the recovery of any debt, or the enforcement of any right secured by mortgage upon real property, which action must be in accordance with the provisions of this chapter. In such action the court may, by its judgment, direct the sale of the encumbered property (or so much thereof as may be necessary), and the application of the proceeds of the sale to the payment of the costs of court… When an educated home owner raised the issue in California, the bank lost everything, the lien, the property, and had to pay all court costs. The bank tried to appeal to the Supreme Court, the Court refused to hear it stating “the bank should know the law, if not get better lawyers”. Bank of America v. Daily, 152 Cal. App. 3d 767
Any loan document, deed of trust, pertaining to real property that has a waiver of this right, is void and unenforceable per California Civil Code section 2953, the residential property belongs to the home owner. CAL. CIV. CODE §§ 2953, 2889 (West 1974). The only permissible election belongs to the debtor, who may choose to waive his protections by agreement made after the loan or by failure to assert his protection as an affirmative defense. Id.; Walker v. Community Bank, 10 Cal. 3d 729, 518 P.2d 329, 111 Cal. Rptr. 897 (1974).
Fraud in California
ReplyDeleteCalifornia Real Property Foreclosure, it has to be a judicial foreclosure
The one action rule for real property Code of Civil Procedure section 726.
§ 726. Form of action; procedure
Form of action; judgment.
There can be but one form of action for the recovery of any debt, or the enforcement of any right secured by mortgage upon real property,
which action must be in accordance with the provisions of this chapter. In such action the court may, by its judgment, direct the sale of the encumbered property (or so much thereof as may be necessary), and the application of the proceeds of the sale to the payment of the costs of court…
When an educated home owner raised the issue in California, the bank lost everything, the lien, the property, and had to pay all court costs. The bank tried to appeal to the Supreme Court, the Court refused to hear it stating “the bank should know the law, if not get better lawyers”.
Bank of America v. Daily, 152 Cal. App. 3d 767
Any loan document, deed of trust, pertaining to real property that has a waiver of this right, is void and unenforceable per California Civil Code section 2953, the residential property belongs to the home owner.
CAL. CIV. CODE §§ 2953, 2889 (West 1974). The only permissible election belongs to the debtor, who may choose to waive his protections by agreement made after the loan or by failure to assert his protection as an affirmative defense. Id.; Walker v. Community Bank, 10 Cal. 3d 729, 518 P.2d 329, 111 Cal. Rptr. 897 (1974).