New Mortgage anti-deficiency laws
Posted: Mon Jan 06, 2014 7:41 pm
I am going to state the obvious, 580b. (1) and (2) apply to nonresidential
units but are rarely used. 580d. applies to nonresidential units.
It is assumed that 4 or less residential units unsophisticated buyers
which would agree to a short sale with a deficiency, hence the statute is
there to protect them.
If one is conducting a short sale on a commercial residence, they better
negotiate their way out of the deficiency. Otherwise, what's the point of
doing a short sale?
Sincerely,
Michael Avanesian
Law Offices of David A. Tilem
www.tilemlaw.com
818-507-6000
On Mon, Jan 6, 2014 at 6:32 PM, Steven B. Lever wrote:
>
>
> Sorry Mark, I replied too quickly. Maybe youre talking about office
> units or industrial. In that case I highly doubt it. I read it as
> personal residence
>
>
>
> Steve
>
>
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] *On Behalf
> Of *Mark J. Markus
> *Sent:* Monday, January 06, 2014 3:33 PM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* Re: [cdcbaa] RE: New Mortgage anti-deficiency laws
>
>
>
>
>
> Thanks Michael, but my question was whether that law extended to
> non-residential property. I'm guessing it doesn't, but someone told me
> different which is why I'm checking into it.
>
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
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> On 1/6/2014 3:15 PM, mike@cheklaw.com wrote:
>
> You should see CCP Section 580e, amended Oct. 1, 2013, preventing
> deficiency judgments on residential real estate, 4 units or less, in event
> of short sales, applicable to senior AND junior trust deeds.
>
>
>
> Michael Chekian, Esq.
>
>
>
> Chekian Law Office
>
> 11400 W. Olympic Blvd. #200
>
> Los Angeles, CA 90064
>
> (310) 390-5529
>
> Fax (310) 451-0739
>
> e-mail: mike@cheklaw.com
>
>
>
>
>
>
>
I am going to state the obvious, 580b. (1) and (2) apply to nonresidential units but are rarely used. 580d. applies to nonresidential units.It is assumed that 4 or less residential units unsophisticated buyers which would agree to a short sale with a deficiency, hence the statute is there to protect them.
If one is conducting a short sale on a commercial residence, they better negotiate their way out of the deficiency. Otherwise, what's the point of doing a short sale?
Sincerely, Michael AvanesianLaw Offices of David A. Tilemwww.tilemlaw.com
818-507-6000
On Mon, Jan 6, 2014 at 6:32 PM, Steven B. Lever <sblever@leverlaw.com> wrote:
Sorry Mark, I replied too quickly. Maybe youre talking about office units or industrial. In that case I highly doubt it. I read it as personal residence
Steve
From: cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] On Behalf Of Mark J. Markus
Sent: Monday, January 06, 2014 3:33 PMTo: cdcbaa@yahoogroups.comSubject: Re: [cdcbaa] RE: New Mortgage anti-deficiency laws
Thanks Michael, but my question was whether that law extended to non-
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