[Kingside]

The Sulak case (there were actually three separate appeals in the case) is an unpublished decision which means that it cannot be cited as authority in California cases for any legal proposition.

You tend to see the MERS issue come up more in bankruptcy cases because the standard for “standing” to get relief from stay to foreclose is much more restrictive than when a non-judicial foreclosure takes place under California State law outside of bankruptcy.

I wouldn’t say the defenses that may arise in connection with MERS are useless in California. They are alive and well in bankruptcy cases, and may be available to a borrower in State Court to at least get a long postponement of foreclosure and negotiation leverage with the right set of facts. The borrower needs the wherewithal and resources to properly present them in order to obtain an injunction though. Its no slam dunk.

[Kingside]

The Sulak case (there were actually three separate appeals in the case) is an unpublished decision which means that it cannot be cited as authority in California cases for any legal proposition.

You tend to see the MERS issue come up more in bankruptcy cases because the standard for “standing” to get relief from stay to foreclose is much more restrictive than when a non-judicial foreclosure takes place under California State law outside of bankruptcy.

I wouldn’t say the defenses that may arise in connection with MERS are useless in California. They are alive and well in bankruptcy cases, and may be available to a borrower in State Court to at least get a long postponement of foreclosure and negotiation leverage with the right set of facts. The borrower needs the wherewithal and resources to properly present them in order to obtain an injunction though. Its no slam dunk.

[Kingside]

The Sulak case (there were actually three separate appeals in the case) is an unpublished decision which means that it cannot be cited as authority in California cases for any legal proposition.

You tend to see the MERS issue come up more in bankruptcy cases because the standard for “standing” to get relief from stay to foreclose is much more restrictive than when a non-judicial foreclosure takes place under California State law outside of bankruptcy.

I wouldn’t say the defenses that may arise in connection with MERS are useless in California. They are alive and well in bankruptcy cases, and may be available to a borrower in State Court to at least get a long postponement of foreclosure and negotiation leverage with the right set of facts. The borrower needs the wherewithal and resources to properly present them in order to obtain an injunction though. Its no slam dunk.

[Kingside]

The Sulak case (there were actually three separate appeals in the case) is an unpublished decision which means that it cannot be cited as authority in California cases for any legal proposition.

You tend to see the MERS issue come up more in bankruptcy cases because the standard for “standing” to get relief from stay to foreclose is much more restrictive than when a non-judicial foreclosure takes place under California State law outside of bankruptcy.

I wouldn’t say the defenses that may arise in connection with MERS are useless in California. They are alive and well in bankruptcy cases, and may be available to a borrower in State Court to at least get a long postponement of foreclosure and negotiation leverage with the right set of facts. The borrower needs the wherewithal and resources to properly present them in order to obtain an injunction though. Its no slam dunk.

[Kingside]

Plan on filing the appeal. The form is online, and not hard to fill out. Don’t get emotional about it.

I got supplemental assessed on a foreclosure property from last August, and one phone call made me realize that trying to resolve it without an appeal is a waste of time.

They are pretty backed up, but at some point a few months down the road, they will probably negotiate.

[Kingside]

Plan on filing the appeal. The form is online, and not hard to fill out. Don’t get emotional about it.

I got supplemental assessed on a foreclosure property from last August, and one phone call made me realize that trying to resolve it without an appeal is a waste of time.

They are pretty backed up, but at some point a few months down the road, they will probably negotiate.

[Kingside]

Plan on filing the appeal. The form is online, and not hard to fill out. Don’t get emotional about it.

I got supplemental assessed on a foreclosure property from last August, and one phone call made me realize that trying to resolve it without an appeal is a waste of time.

They are pretty backed up, but at some point a few months down the road, they will probably negotiate.

[Kingside]

Plan on filing the appeal. The form is online, and not hard to fill out. Don’t get emotional about it.

I got supplemental assessed on a foreclosure property from last August, and one phone call made me realize that trying to resolve it without an appeal is a waste of time.

They are pretty backed up, but at some point a few months down the road, they will probably negotiate.

[Kingside]

Plan on filing the appeal. The form is online, and not hard to fill out. Don’t get emotional about it.

I got supplemental assessed on a foreclosure property from last August, and one phone call made me realize that trying to resolve it without an appeal is a waste of time.

They are pretty backed up, but at some point a few months down the road, they will probably negotiate.

[Kingside]

One way to help yourself make a business decision is to ask yourself and try to answer the question what is more likely to come back first, your equity or your credit?

If you decide you are willing to walk, and can accept the possibility that you will lose the house in foreclosure, steel yourself, consider brinkmanship as the foreclosure process continues, and hold out till you cut a deal to reduce the payments to rental value. Your willingness to actually walk is what gives you the most leverage. As you note, your loans appear to be purchase money, and there should be no recourse against you if you decide to walk.

If you stopped paying on just the second, there would be nothing they could do other than harrass you with phone calls, and foreclose, which they obviously won’t. This might bring them to the table, or it might prolong the damage to your credit the longer the situation remains in limbo.

[Kingside]

One way to help yourself make a business decision is to ask yourself and try to answer the question what is more likely to come back first, your equity or your credit?

If you decide you are willing to walk, and can accept the possibility that you will lose the house in foreclosure, steel yourself, consider brinkmanship as the foreclosure process continues, and hold out till you cut a deal to reduce the payments to rental value. Your willingness to actually walk is what gives you the most leverage. As you note, your loans appear to be purchase money, and there should be no recourse against you if you decide to walk.

If you stopped paying on just the second, there would be nothing they could do other than harrass you with phone calls, and foreclose, which they obviously won’t. This might bring them to the table, or it might prolong the damage to your credit the longer the situation remains in limbo.

[Kingside]

One way to help yourself make a business decision is to ask yourself and try to answer the question what is more likely to come back first, your equity or your credit?

If you decide you are willing to walk, and can accept the possibility that you will lose the house in foreclosure, steel yourself, consider brinkmanship as the foreclosure process continues, and hold out till you cut a deal to reduce the payments to rental value. Your willingness to actually walk is what gives you the most leverage. As you note, your loans appear to be purchase money, and there should be no recourse against you if you decide to walk.

If you stopped paying on just the second, there would be nothing they could do other than harrass you with phone calls, and foreclose, which they obviously won’t. This might bring them to the table, or it might prolong the damage to your credit the longer the situation remains in limbo.

[Kingside]

One way to help yourself make a business decision is to ask yourself and try to answer the question what is more likely to come back first, your equity or your credit?

If you decide you are willing to walk, and can accept the possibility that you will lose the house in foreclosure, steel yourself, consider brinkmanship as the foreclosure process continues, and hold out till you cut a deal to reduce the payments to rental value. Your willingness to actually walk is what gives you the most leverage. As you note, your loans appear to be purchase money, and there should be no recourse against you if you decide to walk.

If you stopped paying on just the second, there would be nothing they could do other than harrass you with phone calls, and foreclose, which they obviously won’t. This might bring them to the table, or it might prolong the damage to your credit the longer the situation remains in limbo.

[Kingside]

One way to help yourself make a business decision is to ask yourself and try to answer the question what is more likely to come back first, your equity or your credit?

If you decide you are willing to walk, and can accept the possibility that you will lose the house in foreclosure, steel yourself, consider brinkmanship as the foreclosure process continues, and hold out till you cut a deal to reduce the payments to rental value. Your willingness to actually walk is what gives you the most leverage. As you note, your loans appear to be purchase money, and there should be no recourse against you if you decide to walk.

If you stopped paying on just the second, there would be nothing they could do other than harrass you with phone calls, and foreclose, which they obviously won’t. This might bring them to the table, or it might prolong the damage to your credit the longer the situation remains in limbo.

[Kingside]

California is a sovereign entity. It can’t file for bankruptcy. Only municipalities can under chapter 9 of the bankruptcy code.

[Author]

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