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Re: I called "the source" and got this reply...

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Kingside

November 16, 2011 12:02PM

Registered: 12 years ago
Posts: 6

Code of Civil Procecdure Section 580b is not new, and the owner occupied purchase money 1-4 unit borrower protection against sold out seconds was confirmed by the California Supreme Court over 50 years ago in Brown v. Jensen, 41 Cal. 2d 193 (1953).

A link to the decision can be found here:

[scholar.google.com]

IMHO, it does not matter whether the junior lien is HELOC or otherwise. If it is actually used to purchase the property and is secured by a trust deed, the only recourse for the junior purchase money lender is the security itself. Should be easy enough to establish in most cases with a HUD-1.

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Subject	Author	Views	Posted
80/20 in ca 580b nightmare won't end	Thamann2000	4051	November 13, 2011 01:16PM
Def. judgment geeks pls chime in	Kristine-CA	2667	November 13, 2011 02:52PM
Re: Def. judgment geeks pls chime in	Kingside	2780	November 13, 2011 05:16PM
Re: Def. judgment geeks pls chime in	Thamann2000	2647	November 13, 2011 05:59PM
Re: Def. judgment geeks pls chime in	Kristine-CA	2673	November 13, 2011 07:22PM
Ok, found it	Kristine-CA	2758	November 13, 2011 07:44PM
Re: 80/20 in ca 580b nightmare won't end	Rick Harmon	2744	November 13, 2011 02:55PM
Re: 80/20 in ca 580b nightmare won't end	Thamann2000	2683	November 13, 2011 03:03PM
Re: 80/20 in ca 580b nightmare won't end	BTI	2860	November 14, 2011 07:50PM
Re: 80/20 in ca 580b nightmare won't end	Kristine-CA	2739	November 14, 2011 09:43PM
I called "the source" and got this reply...	Rick Harmon	2766	November 16, 2011 09:52AM
Re: I called "the source" and got this reply...	Kingside	2675	November 16, 2011 12:02PM

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