short saleshort sale in CA Short sale in Oceanside California. Listed on the San Diego MLS.
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| Living room of our recent oceanside short sale |
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| Kitchen of our Oceanside Home for sale |
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| Master bedroom of our listing in oceanside |
Cal. Code Civ. Pro. 580d does not bar a deficiency for a sold out junior (see Walter E. Heller Inc. v. Bloxham, 176 Cal.App.3d 266 (1985)), although, as we have seen, section 580b will bar some sold out juniors from recovery of a deficiency. However, the holder of a junior deed of trust that has sold itself out through non-judicial foreclosure on its senior lien will be barred from a deficiency on the note secured by the junior lien. In Simon v. Superior Court, 4 Cal.App.4th 63 (1992), a bank gave two separate, sequential loans to a debtor. The first loan, for $1,575,000, was secured by a first deed of trust on the debtor's personal residence. The second loan, for $375,000, was secured by a second deed of trust on the same property. Neither loan was purchase money. After default, the bank non-judicially foreclosured the first, credit bidding less than the amount due, and then sued the debtor for $375,000 on the second note. The court barred the bank from recovery on the second note, holding that it amounted to a deficiency barred by 580d.
Before you walk away from two loans, make sure you understand the law related to sold out juniors and short sale law.
Sold out junior law is pretty well settled, so you may have to consider your other options such as pursing a short payoff or short sale.
"It's happening down the road," Scott Rechler, CEO of RXR Realty told CNBC today.
When you look at the commercial real estate market right now, "there is a tremendous amount of distress that is not really visible yet," Rechler said.
Today "the blood is really in the boardroom behind closed doors where people are negotiating to solve problems," he said.
Recently, Fair Isaac, which developed FICO scores, pulled back the curtain a bit, revealing some estimates of point-score declines following mortgage delinquency problems.
Here are the average hit your credit will take:
30 days late: 40 - 110 points
90 days late: 70 - 135 points
Foreclosure, short sale or deed-in-lieu: 85 - 160
Bankruptcy: 130 - 240
To come to these figures, Fair Isaac created two hypothetical consumers, one who starts out with a fair-to-middling score of 680 and the other with a very good one of 780. (FICO scores range from 300 to 850.)
Western U.S. Leads with Price Reduction Increases
In the first half of 2010, cities in the Western U.S. were experiencing a decrease in reductions. This month, the same cities experienced some of the largest surges in price reductions compared to the previous month. Oakland increased 38 percent month-over-month and San Diego saw reductions increase by 25 percent.
San Diego short sales
