Unformatted text preview: cured liens (mortgage, trust deed, mechanics liens, etc.) Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 5: GOVERNMENT PARTICIPATION & BACKED LOANS
4. 5. 6. Declarant's exemption Unsecured creditors claim Balance to declarant (if any) Decision to Sell – The court's decision to order a sale is based on whether the proceeds will satisfy the debts. If the total of the first four priorities is less than market value, the property is sold. DECISION TO HOMESTEAD
There is no need for a declaration of homestead until a suit has been filed which threatens financial disaster. Timing – Homestead can be recorded up to judgment date. There is no need to record until trial date, if any. Effect on Credit – Prospective creditors may be suspicious of a loan applicant if homestead has been recorded on the property being used as collateral. (“What other creditor is this owner trying to avoid?”) Last Minute Protection – California Civil Code Sections 1240 and 1245 and Code of Civil Procedures Sections 690 et seq. provide limited protection for a non–homesteaded home. When a writ of execution is served, the homeowner has 10 days to record a special claim of exemption, subject to court hearing. Licensee's Role – A licensee who is not an attorney should never advise on a homestead issue. It would be practice of law without a license, and the licensee could be held liable for any financial damage caused. A licensee is obligated to inform those he serves, and should suggest they obtain proper legal advice in manners such as these. INTERNET WEB LINKS
www.fanniemae.com Supplier of conventional home mortgages funds in terms of assets, and issues debt.
Dynasty School (www.dynastySchool.com) 5-53 REAL ESTATE FINANCE www.freddiemac.com Stockholder–owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders. About Ginnie Mae. What's New. ARMs. Guides. Resources....What's New. Ginnie Ma...
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This note was uploaded on 12/30/2010 for the course SOC 101 taught by Professor Zhung during the Spring '10 term at Punjab Engineering College.
- Spring '10