Mortgage Law Blogging

I started this blog as a way of adding value for my clients, and for people who were referred to me or the firm to get a flavor for my subject area expertise.  How very nice to see over a year later the nice emails and comments from readers that they find my articles on California Real Estate Law and private money lending (or "hard money" lending) to be informative and relevant.

At the California Mortgage Association's (CMA) October gathering in Las Vegas, I was seated next to a mortgage broker from the San Diego area of California.  At one point, he turned to me and said, "I've read your blog."  I was pretty tickled since he was not a client of mine. 

Recently, Tony Gallegos of The Mortgage Cicerone posted his list of top 20 bloggers of 2007 on mortgage related topics and included me.  Thanks for the vote of confidence. 

Here's to 2008, and the continuing saga of the SubPrime wild ride.

Comments

[Pat Kitano]

Thank you for popping up in my radar... very few bloggers tackle the legal aspects of real estate, and I'll keep your blog as a reference.

[Tony Gallegos]

I find your legal information valuable and an aspect that is often overlooked by real estate and mortgage professionals for the most part...big mistake.

Look forward to reading your 2008 posts.

[Dave Williams]

Question:
Regarding the anti-deficiency laws in CA:
I owner financed a rental property to two buyers and they are vested tenants in common and they also have equity in other properties should I foreclose.
I have a note secured by deed of trust.
I cannot find the words power of sale in the deed of trust.
Is the language "power of sale" required?
Since it is a non-owner occupied property, can I get a deficiency judgment?
If so, I would imagine with the one action rule that I have to go after them judicially for both the return of the property and the deficiency.
If I am not allowed to pursue a deficiency judgment, and let’s say we were to modify their loan, is this consider a refi. and therefore the loan now becomes a recourse instrument?
Information:
Sold the property for $850K
Buyer’s paid $50K down
Owner financed $800K
Fair Market Value $400K
I greatly appreciate your assistance!
Dave