Real property foreclosure actions and deficiency judgments: a call for reform

Article Abstract:

Reforms in foreclosure procedures of real property mortgates are presented. Foreclosure proceedings currently enforced are described as expensive, inefficient and outdated. The difficulties in the procedures were traced to laws promulgated in the 19th and early 20th centuries which protected homeowners from immoral creditors, laws which are no longer relevant to current business conditions. The reforms suggested were to apply competitive bidding for the foreclosure sale, set aside antideficiency protection provisions and to reapply the judicial power of sale remedy.

Real estate, Real property

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California AB 1224: foreclosure reform or complication?

Article Abstract:

The California Assembly Bill 1224 was passed as a remedy for special tax and assessment delinquencies in the foreclosure process. It contains four reform measures which includes allowing issuers to accept a tender of bonds as substitutes for special tax payments, allowing issuers to waive penalties and interest related work-out of a troubled community facilities district and allowing issuers to establish a special tax amnesty program. The bill was shown to streamline the foreclosure process.

Private Bonds & Notes, California, Bonds, Bonds (Securities), Bills, Legislative, Legislative bills

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An analysis of "reasonable equivalent value" after BFP v. RTC

Article Abstract:

The US Supreme Court ruled in the case BFP v. Resolution Trust Corp. that a payment in a foreclosure sale made in a noncollusive manner and in compliance with state laws fulfilled the provisions of Section 548 of the Bankruptcy Code. The ruling was considered favorable to mortgagees because it reversed the ruling in the case of Fifth Circuit in Durrett v. Washington Nat'l Insurance Co. which maintained that a foreclosure sale which was less than 70% of fair market value was invalid.

Mortgages

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