Statutory Framework for a Non-Judicial Foreclosure in Place
Debtors in California who face foreclosure may be interested to know that in state court last week, Judge Alsup held in American Wholesale Lenders that 2924 establishes the statutory framework for a non-judicial foreclosure and that such framework presupposes a valid mortgage.
Still, the entity using the 2924 process must show the court they own the loan.
What does this mean? Now, unless the forecloser and the party seeking eviction are the same, there is no automatic entitlement to the remedy. Thus, the court’s ruling imposes a burden on the forecloser to prove to the court they have any right to collect from the borrower in the first place!
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
