Home arrow Mortgage Forums arrow Forums: Learn from other's experiences arrow

california civil code 2823.6

Author Message
Cappeet

Guest







Post Posted: Tue Nov 18, 2008 5:06 pm    Post subject: california civil code 2823.6
Like 0
Dislike 0

Does this apply to seller carry back? Private party beneficiary? We owe $400,000 and our home is worth $225,000. I have been trying to keep my payments up, but having difficulty. After only one 30 day late, he started foreclosure proceedings and I now owe the attorney fees on top of my late fee. I just caught him up, but am again, late and will be behind 30 days on Dec. 1.

please help if you know the answer.

thank you

_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10460
Location: Nevada
987.57 Dollars($)
Post Posted: Tue Nov 18, 2008 11:48 pm    Post subject:
Like 0
Dislike 0

Hi Cappeet!

As far as I know about the law, it does not support owner financing. I think you should try and negotiate with the owner. Moreover, you must be having some agreement papers. Go through them and check when the owner can start the foreclosure proceedings.

Thanks.
richie

Guest







Post Posted: Mon Jan 26, 2009 8:11 am    Post subject: I am a private money lender
Like 0
Dislike 0

Last year I loaned a a borrower $200,000 as a second trust deed. She promised to pay it back in one year (Jan 1, 2009). It is now due and payable. I was willing to extend the loan etc. but she quickly hired an attorney and is in the process of laying out a loan modification for his client (my borrower). what are my rights, if any?

thanks
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10562
Location: ALASKA
1089.18 Dollars($)
Post Posted: Tue Jan 27, 2009 12:03 am    Post subject:
Like 0
Dislike 0

Welcome richie,

Loan modification is offered when the borrower is facing a hardship and is unable to pay the mortgage dues. As a private lender, if you are interested in giving a loan modification to your borrower, then you can accept her loan modification request.

_________________
Procrastination is the enemy of your financial success
Mason

Guest







Post Posted: Thu Jun 04, 2009 5:28 pm    Post subject: Late fees
Like 0
Dislike 0

Can I foreclose on my loan if I do not receive my late fees when I have contacted the borrower to tell them the payments are coming late?
Icon Mini Profile savior70





Joined: 25 Mar 2009

Posts: 1895
Location: Florida
261.84 Dollars($)
Post Posted: Sat Jun 06, 2009 6:34 am    Post subject:
Like 0
Dislike 0

Hi

Are you doing an owner financing and your borrower has been late on his/her payments? You can foreclose on the property, but it'll involve quite an amount of court fees, attorney fees and other associated costs. It may not be worth your while spending too much money to do the foreclosure at this point in time. Instead, I think you discuss this with your borrower and find out the cause of their late payments. If they have been facing any financial hardship, you can perhaps modify the terms of the loan, reduce their monthly payments to some extent so as to help them be current on the loan.
JesseG2

Guest







Post Posted: Fri Feb 04, 2011 2:35 pm    Post subject: CA mortgage modification law
Like 0
Dislike 0

Under CA law, is the 2nd lein holder on a residential property required to do a loan modification if the 1st lein holder is already doing a loan modification?
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10562
Location: ALASKA
1089.18 Dollars($)
Post Posted: Sun Feb 06, 2011 10:27 pm    Post subject:
Like 0
Dislike 0

Welcome JesseG,

It is not mandatory for the second lien holder to modify the loan if the first lender has modified the first loan.

_________________
Procrastination is the enemy of your financial success
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.090 seconds.