An owner entitled to surplus funds remaining from the foreclosure sale of their residence are chased by individuals attempting to make claim on the surplus funds. Now these surplus fund chasers are barred from contacting the owners for 90 days after the trustee’s deed is recorded to better protect California homeowners in a vulnerable position.
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Home prices falter across the metropolitan areas of California at the end of 2024.
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A broker and their agent use RPI Form 104 to arrange a mortgage with a buyer or owner of real estate or a holder of a trust deed note and RPI Form 119-1 to disclose to all parties the receipt of a mortgage-related fee in addition to a sales fee on the transaction.
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When does strategic default make sense for a negative equity homeowner?
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Calif. Health and Safety Code §50426
Amended to add subsection (c) by AB 1508
Effective date: January 1, 2024
A trust deed loan broker uses these forms when arranging the purchase by a trust deed investor of an existing trust deed note held out for sale to prepare an offer stating the price and conditions for purchase of the trust deed note, and when arranging a loan made by a trust deed investor collateralized by an existing trust deed note held by the borrower to prepare an offer by the investor for the borrower’s acceptance stating the terms and conditions for making the collateralized loan.
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Rescission by a homeowner terminates their already closed borrower mortgage transaction.
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These forms are used by a seller’s agent or escrow officer when preparing a purchase agreement or counteroffer for a real estate transaction when the transfer of personal property is included and when on a carryback sale the price includes the transfer of personal property which together with the property sold will be security for the carryback note, to grant the seller a security interest in the personal property.
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Learn the ten prohibited lender actions which protect the borrower after origination of a high-cost (Section 32) consumer-purpose mortgage.
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Several repayment provisions in the note documenting a Section 32 mortgage origination are restricted in their scope — or outright prohibited.
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Part 2 of this video series provides examples for how MLOs can determine whether a transaction is subject to Section 32 compliance.
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An agent or escrow officer uses these forms when a seller of property carries back an all-inclusive note and trust deed (AITD) evidencing a principal debt which includes the balance owed on an existing mortgage and a payoff demand.
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The yield spread indicates the likelihood of a recession or recovery one year forward.
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This video covers delivery of the Loan Estimate and Closing Disclosure.
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These forms are used by a holder of a mortgage, their servicing agent or broker when arranging the modification of the mortgage note, to set forth the terms sought in the modification effort, to evidence the modification of the original note and state the change in terms of the note.
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A consumer-purpose mortgage origination secured by the borrower’s primary residence earns a Section 32 designation based on a three-step set of APR tests.
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The MBA’s crystal ball shows more mortgage originations in 2024 – but also a recession.
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