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Unformatted text preview: nce companies, credit unions, and mortgage companies. These agencies can have far–reaching effects upon the mortgage market. Department of Savings and Loan Department of Banking Department of Insurance Department of Corporations Dynasty School (www.dynastySchool.com) 5-49 REAL ESTATE FINANCE
Department of Real Estate California Housing and Financing Agency LOCAL GOVERNMENT AGENCIES
Many local agencies and commissions can affect the mortgage market in terms of demand and Supply of money and property in their immediate area. Some of these are: ZONING COMMISSION
Tax assessor's office County supervisors and city council Building and safety departments Fire, police, park, utility, and transportation departments CALIFORNIA HOMESTEAD LAW
California law permits homeowners to protect their residences from forced sale to satisfy certain types of debts, by recording a Declaration of Homestead. PROTECTION
The protection offered by homesteading is limited as to type of property, types of debts, and amount of exemption. Eligible Property – Any residence may be homesteaded, but vacant land is not eligible. • • • • Single–family residence, including a mobilehome Multiple units, if one unit is owner–occupied Unit in condominium, community apartment, or stock co–op Business–residential property if primarily residential 5-50 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 5: GOVERNMENT PARTICIPATION & BACKED LOANS
• Dwelling on land that is leased with an unexpired term of two years or more Claims Protected Against – Homesteaded property is protected against judgments recorded after the recording of a declaration of homestead, for: • • • Damages Medical bills Business debts Claims Not Affected – Homesteading does not protect against secured liens of taxes, mortgage, trust deed, or mechanics liens, nor against an unsecured lien recorded prior to the recording of the homestead declaration...
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- Spring '10