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Rights of First Mortgage lender after reaffirmation
580b(b). It was added as a part of the HOBofR. 580(e) was added at the same time regarding short sales.
Law Office of Eric Alan Mitnick
21515 Hawthorne Boulevard, Ste. 1080
Torrance, California 90503
(310) 792-5864; 792-5866 (fax)
MitnickLaw@aol.com
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To: cdcbaa
Sent: Wed, Sep 24, 2014 3:25 pm
Subject: Re: [cdcbaa] Rights of First Mortgage lender after reaffirmation
Eric,
Where in CCP 580(b) (or elsewhere) does it say that the anti-deficiency applies to refinances?
*************************
Mark J. Markus
Law Office of Mark J. Markus
Mailing Address Only:
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)332-1180 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of California Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency
________________________________________________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
On 9/24/2014 2:18 PM, mitnicklaw@aol.com [cdcbaa] wrote:
Also note that CCP 580b also applies to refinancing of purchase money loans, except to the extent that new principal is advanced (for credit transactions after 1/1/13).
Law Office of Eric Alan Mitnick
21515 Hawthorne Boulevard, Ste. 1080
Torrance, California 90503
(310) 792-5864; 792-5866 (fax)
MitnickLaw@aol.com
Although this email and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by the sender for any loss or damage arising in any way from its use.
The information contained in this email message and any attached files may be privileged, confidential and protected from disclosure. If you are not the intended recipient, any dissemination, distribution or copying is strictly prohibited. If you think that you have received this email message in error, please notify the sender by reply email, and delete the email message you received and all of the attached files.
To: cdcbaa
Sent: Wed, Sep 24, 2014 2:04 pm
Subject: Re: [cdcbaa] Rights of First Mortgage lender after reaffirmation
The debtor is only agreeing to continue to be bound by the original contract.
I don't think California's anti-deficiency law protections can be eliminated by contract, that would go against public policy.
Peter M. Lively, J.D., M.B.A.
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Boulevard, Suite 203, Culver City, California 90230-4647
Telephone: (310) 391-2400 * Toll Free: (800) 307-3328 * Fax: (310) 391-2462
On Wednesday, September 24, 2014 1:53 PM, "'Mark J. Markus' bklawr@yahoo.com [cdcbaa]" wrote:
The post was migrated from Yahoo.
Also note that CCP 580b also applies to refinancing of purchase money loans, except to the extent that new principal is advanced (for credit transactions after 1/1/13).
Law Office of Eric Alan Mitnick
21515 Hawthorne Boulevard, Ste. 1080
Torrance, California 90503
(310) 792-5864; 792-5866 (fax)
MitnickLaw@aol.com
Although this email and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by the sender for any loss or damage arising in any way from its use.
The information contained in this email message and any attached files may be privileged, confidential and protected from disclosure. If you are not the intended recipient, any dissemination, distribution or copying is strictly prohibited. If you think that you have received this email message in error, please notify the sender by reply email, and delete the email message you received and all of the attached files.
oups.com>
To: cdcbaa
Sent: Wed, Sep 24, 2014 2:04 pm
Subject: Re: [cdcbaa] Rights of First Mortgage lender after reaffirmation
The debtor is only agreeing to continue to be bound by the original contract.
I don't think California's anti-deficiency law protections can be eliminated by contract, that would go against public policy.
Peter M. Lively, J.D., M.B.A.
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Boulevard, Suite 203, Culver City, California 90230-4647
Telephone: (310) 391-2400 * Toll Free: (800) 307-3328 * Fax: (310) 391-2462
On Wednesday, September 24, 2014 1:53 PM, "'Mark J. Markus' bklawr@yahoo.com [cdcbaa]" wrote:
I don't normally do reaffirmations on mortgages, but since it is the only way that the mortgage lenders will report current payments post petition on debtors' credit reports, I'm getting asked more and more by clients to sign off on them.
As we all know, original First Mortgages on property are non-recourse loans, unless they are refinanced.
Does doing a reaffirmation on such a loan change it from non-recourse to recourse?
Obviously this makes a difference as to the potential liability for signing off on the reaffirmation agreement.
*************************
Mark J. Markus
Law Office of Mark J. Markus
Mailing Address Only:
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)332-1180 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of California Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency
________________________________________________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
Also note that CCP 580b also applies to refinancing of purchase money loans, except to the extent that new principal is advanced (for credit transactions after 1/1/13).
Law Office of Eric Alan Mitnick
21515 Hawthorne Boulevard, Ste. 1080
Torrance, California 90503
(310) 792-5864; 792-5866 (fax)
MitnickLaw@aol.com
Although this email and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by the sender for any loss or damage arising in any way from its use.
The information contained in this email message and any attached files may be privileged, confidential and protected from disclosure. If you are not the intended recipient, any dissemination, distribution or copying is strictly prohibited. If you think that you have received this email message in error, please notify the sender by reply email, and delete the email message you received and all of the attached files.
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-----Original Message-----
ogroups.com>
To: cdcbaa <cdcbaa@yahoogroups.com>
Sent: Wed, Sep 24, 2014 2:04 pm
Subject: Re: [cdcbaa] Rights of First Mortgage lender after reaffirmation
The post was migrated from Yahoo.
The debtor is only agreeing to continue to be bound by the original contract.
I don't think California's anti-deficiency law protections can be eliminated by contract, that would go against public policy.
Peter M. Lively, J.D., M.B.A.
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Boulevard, Suite 203, Culver City, California 90230-4647
Telephone: (310) 391-2400 * Toll Free: (800) 307-3328 * Fax: (310) 391-2462
On Wednesday, September 24, 2014 1:53 PM, "'Mark J. Markus' bklawr@yahoo.com [cdcbaa]" wrote:
I don't normally do reaffirmations on mortgages, but since it is the only way that the mortgage lenders will report current payments post petition on debtors' credit reports, I'm getting asked more and more by clients to sign off on them.
As we all know, original First Mortgages on property are
non-recourse loans, unless they are refinanced.
Does doing a reaffirmation on such a loan change it from
non-recourse to recourse?
Obviously this makes a difference as to the potential liability
for signing off on the reaffirmation agreement.
*************************
Mark J. Markus
Law Office of Mark J. Markus
Mailing Address Only:
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)332-1180 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of
California Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency
________________________________________________
NOTICE: This Electronic Message contains information from the
law office of Mark J. Markus that may be privileged. The
information is intended for the use of the addressee only. If
you are not the addressee, note that any disclosure, copy,
distribution or use of the contents of this message is
prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with
requirements imposed by the IRS, we inform you that any U.S.
tax advice contained in this communication (or in any
attachment) is not intended or written to be used, and cannot
be used, for the purpose of (i) avoiding penalties under the
Internal Revenue Code or (ii) promoting, marketing or
recommending to another party any transaction or matter
addressed in this communication.
The post was migrated from Yahoo.