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Douglas Charles Michie
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Douglas Michie’s Legal Guides

6 total

  • Eliminate Second Loans on Residential Property

    Determine if the Second Loan is a Purchase Money Loan This is the EASY part! Look at the closing escrow paperwork for the purchase of your property. It will list all the loans that were taken out a

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  • Beware Transmutation of Separate Property to Community Property!

    Do you have separate property? Any property you own prior to marriage or entering a domestic partnership is your separate property. But even after entering the relationship, property you inherit or t

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  • Why are you paying your second - stop it!

    Several times a week I assist a homeowner that is under water. They have stopped paying their first, and they are still paying their second. I don't get it! If you don't even have the equity to cover the first, why are you paying the second? The second will not foreclose unde...

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  • Purchase Money Loan Means NO Deficiency Upon Foreclosure

    In California, and several other of the anti-deficiency states, Purchase money loans have special protections. If a foreclosure occurs, the lender cannot pursue the homeowner for the deficiency. Since 1st lenders universally foreclose by trustee sale, they cannot pursue a defi...

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  • No More Short Sale Deficiency Judgements

    Effective Immediately - if the second lender agrees to a short sale, that is the end of the debt! In the past, the second lender wouldget a small partial payment for agreeing to the short sale. Later, after the home was sold, the second lender would them begin collection on the r...

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  • Post Foreclosure - Setting Aside the Trustee's Sale

    There are two kinds of sales that can be attacked by the debtor: void sales and voidable sales. A void sale creates no presumptions in favor of the purchaser at a trustees sale. And recitals in a trustees deed regarding notices are irrelevant when the sale is void. See, Bank of ...

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