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As I established in my last post “Understanding the Foreclosure Process” every state follows a different procedure and set of laws during the foreclosure process. The two primary routes are judicial and non-judicial foreclosure and which process is followed can often be determined by which “theory” of ownership has been established in the state.
California is a lien theory state that uses a trust deed and underlying promissory note to secure the loans made against real estate. Essentially the promissory note is an unsecured “promise to pay” agreement between a borrower... (more)
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