Power of Sale

Power of Sale - Use of proper terminology shows understanding. Many times the term "foreclosure" is used improperly. A "foreclosure" is when a legal action is brought "in court" after default on an obligation as a remedy for the creditor.

In what are termed "nonjudicial" foreclosure states (such as California), there is actually what is called "exercise of power of sale" happening, NOT foreclosure.

This type of remedy is allowed due to a clause in the security instrument (mortgage or trust deed) that gives the creditor the "option" of either foreclosing or selling the property without suing in court. Under trust deeds, the creditor has a choice of remedies. Either to foreclose or to exercise the power of sale clause.

If the creditor seeks foreclosure, then it also can bring an action for deficiency. Deficiency is when the proceeds of the sale are not enough to cover the total balance of what's owed on the debt obligation. If the creditor chooses to exercise the power of sale then (in California) the creditor is not allowed to seek an action for deficiency.

This can be seen on most notices of default, where it gives notice: Notice of Default and Election to Sell. Meaning that the creditor elects to exercise the power of sell, as opposed to foreclosing through judicial action. The creditor under a trust deed can use either remedy, meaning if the creditor chooses to foreclose, it may change its mind and exercise the power of sale clause, provided that it has not started the foreclosure action in court.

Whatever the remedy utilized, determ

Angelo Trotter, in continual education of self, shares his research of coin, credit and circulation and how it relates to the current real property crisis from a lay man's perspective.

Category:

Nonprofits & Activism

Tags:

• mortgage crisis
• foreclosure defense
• rule of law
• Angelo Trotter
• power of sale

[JeffCooper1]

Hey Angelo, I AM a laymen Attorney too, and have founded a non-for profit church in order to help people battle foreclosures and the issues you discuss in these video's. I have limed space comment here, I would like to correspond wit you and compare notes and experiences / ideas on approaching these lawsuits. You can email please at CAPSTONEMINISTRY@HOTMAIL.COM Also, it based on Mathew Chapter 21, read that and Holy Spirit will lead you to all Truth.

[chocoboxlive]

YOU ARE RIGHT ON THE MONEY! GREAT VIDEO!

[LoonyVision]

I can't promise when or how much availability I have, but my channel is LoonyVision, message me and I'll get back to you as time allows.

In the mean time, to start with, you may want to check out Gustavus Myers' History of America's Greatest Fortunes; Marc Stevens' Adventures In Legal Land; Lysander Spooners' The Constitution of No Authority. These may answer some of your questions about why government is or isn't doing protective and/or preventative action.

[LoonyVision]

@polishedbrother: Thank you for your kind words. Government is an idea that has come and gone. It's immoral, oppressive and coercive to provide a service under threat of physical violence and loss of property or liberty.

There are rules. The problem is that we don't know enough about commerce, consumer consumption, negotiable instruments, contract law, accounting, and securities, and court procedures. If we had a basic understanding of these subjects, things would be much different.

[polishedbrother]

Your speaking life to foreclosure victims bro. I'm proud to see you representing hard working people who are under the gun of banksters robbing us of our homes. Great job! I still don't understand why our government, knowing the problems that plague us won't step in and create REAL programs with checks and balances to force fair solutions. Wall street was handed all this money with no rules to govern them or legal agreement to help homeowners. Sad. Sad. Wish I could chat with you some times.

[inspirediam]

Madoff was chump change compared to the racket the international bankers have created.