What happens to unpaid property tax when a mortgage lender forecloses? The payment of ad valorem real property taxes is secured by a lien on the assessed property. The tax lien is senior to other state tax liens and federal tax liens that take their priority from the date of…
California anti-deficiency laws provide that on foreclosure the lender only gets the home- they can not get the balance of the loan from the homeowner. The purpose is to place the risk of inadequate security on the lender, whether due to overvaluation or market decline. It is intended to discourage…
In a recent California decision, the trustee was holding a sale of a Sacramento property. The auctioneer read from a script which had all the correct information, including the legal description of the property, but gave an Arcola Avenue street address, which was not the same property. The Arcola sale…