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California has passed amendments to its anti-deficiency statute. The closing of a short sale and acceptance of terms of short sale will not give rise to deficiency claims for liability that lenders may pursue. Does this mean that California borrowers are out of the woods? Hardly! A bankruptcy analysis by a Certified Bankruptcy Specialist should still be part of the agent's due diligence in counseling the seller. Other liabilities may exist for which a Chapter 7 may be necessary. But, if property is short sold Chapter 7 relief may be out of seller's reach as they will fail the Means Test. Avoid professional liability and make sure your sellers consult with a Certified Bankruptcy Specialist.
 


Financial Crisis Inquiry Commission Report
Louis Esbin (Law Offices of Louis J. Esbin)
Get a copy of the Financial Crisis Inquiry Commission Report at http://fcic. gov/report…
MERS Suspended From Doing Business in California
Louis Esbin (Law Offices of Louis J. Esbin)
MERS - Mortgage Electronic Registration System, Inc. - nominee found in thousands (or hundreds of thousands) of mortgages and deeds of trust - suspended from doing business in California. Agent for Service of Process resigned March 25, 2009. A…
Bankruptcy Primer
Louis Esbin (Law Offices of Louis J. Esbin)
1. The Automatic Stay of a Foreclosure : The filing of a bankruptcy case, whether Chapter 7, 11 or 13, gives rise to an automatic stay that will put a stop to a pending foreclosure or any other collection efforts, with some exceptions. 2. Lien…
Five Questions To Ask A Lawyer Offering Bankruptcy Services
Louis Esbin (Law Offices of Louis J. Esbin)
Five Questions every Client, Friends or Family Should Ask a lawyer offering Bankruptcy Services: 1. Is the Lawyer Certified by the California State Bar as a Specialist? 2. Has the Lawyer been practicing for 25 years? 4. Has the Lawyer practiced…
Thomas Jefferson - Revisited
Louis Esbin (Law Offices of Louis J. Esbin)
Back in February 2009, Congress had the opportunity to pass sweeping bankruptcy reform that would have allowed judges to modify the terms of mortgages on home residences. The House passed the legislation, but the Senate never took up the debate and…
Bankuptcy Update - Lien Stripping
Louis Esbin (Law Offices of Louis J. Esbin)
A recent published decision by the Bankruptcy Appellate Panel for the Ninth Circuit affirmed a lower court decision that sends Chapter 13 Debtors out into the cold. In this decision (in which I represented the debtor trying to save their home) the…
The More Things Change.... The More They Stay the Same!
Louis Esbin (Law Offices of Louis J. Esbin)
How profound: I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks…
Are We Seeing the Growth of the Next Residential Real Estate Bubble?
Louis Esbin (Law Offices of Louis J. Esbin)
Consider the following points when considering whether we are witnessing the next residential real estate bubble: The U. S. Census Bureau released median income statistics on September 21, 2009. Do your buyers' have income above or below the…
Short Sales - Warning! You May Cause Your Client to Fail the Means Test
Louis Esbin (Law Offices of Louis J. Esbin)
A recent email to a client follows, and should be a fair warning to have clients consult with bankruptcy counsel before execution of short sale purchase and sale documents : As a result of the short sale of your home before you file bankruptcy…
 
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Louis Esbin

Santa Clarita, CA

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Law Offices of Louis J. Esbin

Address: 25129 The Old Road, Suite 114, Stevenson Ranch, CA, 91381-2273

Office Phone: (661) 254-5050

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