MLO Mentor: California’s nonjudicial foreclosure
This article gives an overview of California state’s nonjudicial foreclosure process.
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Tag: nonjudicial foreclosure
Form-of-the-Week: Offer for Land Sales Contract and Land Sales Contract — All-Inclusive with Power of Sale — Forms 167 and 168
A seller hoping to locate a buyer during a tight mortgage market might consider using an alternative documentation for seller financing, the land sales contract.
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Form-of-the-Week: Request for Notice of Default (NOD) and Notice of Trustee’s Sale (NOTS) – Forms 412 and 474
RPI Forms 412 and 474 notify interested parties of a default.
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Word-of-the-Week: Nonjudicial foreclosure
When property is sold at a public auction by a trustee as authorized under the power-of-sale provision in a trust deed.
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Conveyance by a Trustee’s Deed
The trustee’s use of a trustee’s deed to transfer title to property to the successful bidder at an auction.
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Word-of-the-Week: Judicial foreclosure
Judicial foreclosure – the court-ordered sale by public auction of a mortgaged property.
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Who Conducts the Sale?
Introducing the three participants under a trust deed – the trustor, the beneficiary and the trustee
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The Power-of-Sale Provision
The mechanics of a nonjudical foreclosure sale under the power-of-sale provision contained in a trust deed or other security device.
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Does a trust deed’s insufficient legal description of a property render the trust deed void?
MTC Financial Inc. v. California Department of Tax and Fee Administration Facts: A property owner...
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May the holder of two trust deeds on a property nonjudicially foreclose on the senior mortgage and seek a deficiency judgment on the junior?
Black Sky Capital, LLC v. Cobb Facts: A property owner obtains a mortgage secured by a trust deed...
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DRE Hot Seat: Raymond Alfred Grinsell
A licensed real estate broker violated both California Real Estate Law and the federal Sherman Antitrust Act by engaging in a practice of bid rigging.
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May a trustee foreclose on a property without verifying the validity of the underlying mortgage?
Citrus El Dorado, LLC v. Chicago Title Company Facts: A developer takes out a mortgage to fund...
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May a mortgage holder recover the amount owed on a junior mortgage after a nonjudicial foreclosure when they are also the holder of the senior mortgage?
Black Sky Capital, LLC v. Cobb Facts: A property owner obtains two mortgages secured by the same...
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