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Ari G, Los Angeles, CA
With regard to Ca Civil Code 1695: Is there someone ...
Submitted by carolynduanelacy
from CA
- 07/04/2009 - 11:34am
With regard to Ca Civil Code 1695: Is there someone I can talk with regarding some of the details in this legislation?
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Look for a good real estate attorney. If you are a Realtor, the California Association of Realtors has a legal team that has written quite a bit on it, and I believe they are also take member questions. If you have a specific question regarding the law we'd also be happy to share our thoughts.
I am not a Realtor and, therefore, do not have access to CAR's legal team. I am an investor interested in negotiating the SS with the lender and then selling the property to an end buyer in a double closing. I have talked with 4 local RE attorneys who have advised me against doing these transactions because of the roadblcoks imposed by CCC 1695.
Can you recommend an experienced RE Attorney who can help me with the paperwork for the SS transaction in a way that satisfies the requriements of CCC 1695? I am in the SF Bay Area.
My attorney advised the same re:1695. And with just a couple of exceptions, I've listened to him.
That said there are a lot of folks out there who buy preforeclosures and who do (or have done) quite well. I've met a number and some are fabulous people, and others are down right crooks. I don't think at the end of the day they simply found a better attorney. Instead I think the reality is that most folks who are losing their home will never have sufficient funds to mount a legal fight against you. District Attorneys sometimes get involved, but usually only if it involves the elderly as they are too underfunded to take on the investigative work necessary to pursue these cases.
And in the case of a short sale the likelihood of the homeowner coming after you is perhaps fairly low in which case you might not really need to worry about 1695.
Instead I'd be worried about the lender. I certainly would not make any statements the lender could find to be fraudulent. A lot of these loans are federally insured, and if you submit a false appraisal or make other false claims you could find yourself facing federal fraud charges.
Good luck.
Hi Sean,
There are specific forms that need to be used when purchasing homes in default and CCC's are clear when it comes to investors. "Double closings" are a whole other thing and most title companies won't do them. Sellers have recourse up to 2 years + all legal fees so you got some good advise from the attorneys.
I'm aware of one attorney in Sacramento that invests in these properties and he may be able to help you
.
Hey Sean, I'm in the L.A. area and I was wondering if you might know of any good foreclosure attorneys out this way... Thanks.
I have read and heard of Ron Ballard, a California attorney, who has extensive experience and perhaps is an authority on Short Sale legislation. As a matter of fact I have attended several Webinars that Ron has participated in. Readers may want to check the State Bar Association of the location of this attorney.
As long as you do a 50/50 equity split with the homeowner and give them a 5 day cooling off period before they accept your offer you will stay out of trouble.check your local established REI club for competant foreclosure trainers which actually invest in foreclosures for valid training before you do any equity buy out transaction.Hope this helps,,
It is my understading that The Seller or home owner cannot receive any money
Nothing in the ca civil code says that. What you heard is probably a lender requirement when the lender agrees to a short sale.
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