Producing original promissory bills foreclosure defense strategy in California is a topic of this article. Will the lender or loan servicer require the creation of original promissory note as California foreclosure defense strategy? In most cases, the answer is "no". The main reason why creation of original notes is not essential is that California is in a non-judicial foreclosure state. At least the majority of California foreclosures are non-judicial.
The court clerk is obliged to hand over the original promissory note once the foreclosure decision is entered, so the creation of the original note is required for the foreclosure of California courts.
A non-judicial foreclosure based on a trust duty is that, under the provision of Article 2924 of the State of California Code, "a trustee, a mortgagee or a beneficiary or a delegated agent" may perform foreclosure procedures We stipulate. "
The courts in California state that the Civil Code defines the "cover all aspects" clause of the mortgage exercise process and is "intended to be exhaustive"
Those who are receiving the impression that "display memo" works in California need to consider the information contained in this article. In California, lenders or other companies listed in Civil Code Article 2924 need not create promissory notes for non-judicial foreclosure, also known as the sale of trustees. This is due to the fact that the power to sell is a trust deed, not a promissory note.
Anyone who uses that product may not only run the risk of being defeated in the court but may convince him to give at least a temporary restraining order to delay the sale of foreclosures.
Several cases in the US federal district court in various districts in California state that it is not necessary to prepare original annotations for proceeding with nonjudicial foreclosure under California law. Companies that initiate foreclosure procedures can submit bonds at any time to avoid problems with lost memos.
Another important issue to keep in mind is that many judges are concerned about technical challenges to foreclosure, especially when they are obvious from complaints or other documents submitted to the court that the borrowers are in default There is no tendency to show. In fact, in reviewing many of the recent court precedents in both the California State Court and the US District Court, documents written that the homeowner is not in default in either the initial case or appeal dispute will be decided .
Later articles will discuss other general misunderstandings about California's foreclosure defense strategy.
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Stan Berman
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