The Collected Works of Author and Blogger Larry Roberts

Archive for March, 2013

The State of California now has a policy albeit an unofficial one to curb suburb growth, which will impact homeowners' choices and lifestyles. At one point it was what car you drove in SoCal as the key status symbol, but I think it's turned into where you live and the upgrades to your house.   Southern California a very suburban region and residents have voted with their dollars and feet to live in suburban communities with the longest commutes in the nation.  But this lifestyle is not unique, in fact most US metropolitan areas are majority suburban except for New York.   Therefore, these collection of policies goes against 70 years of lifestyle and purchasing habits in Southern California. In California,…[READ MORE]

For people who purchased properties in California, a non-recourse state, and never refinanced, lenders cannot come after them seeking to recoup their losses on a foreclosure. For those who live in recourse states, or California loanowners who refinanced, the situation is quite different. Lenders still have the right to pursue these borrowers for the deficiency. Most borrowers walked away thinking the debt was extinguished. While it was detached from the property, borrowers are still legally liable for any shortfall on the lender's books. Lenders haven't done much to collect on these old debts so far. Most lenders reason that they couldn't get blood from a turnip, so they have been biding their time waiting for debtors to become solvent again…[READ MORE]

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