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“Credit Bid” Comes Under Scrutiny in 9th Circuit

The Ninth Circuit Court of Appeals has reversed a district court’s grant of summary judgment in favor of Aurora Loan Services in an unpublished opinion. I want to point out that you this case can still be cited as persuasive authority in a California Court. (See Haligowski v. Superior Court (2011) 200 Cal.App.4th 983, 990, fn. 4 [“Unpublished federal opinions are citable notwithstanding [Rule 8.1115] which only
bars citation of unpublished California opinions.” (emphasis in original).

Livinglies's Weblog

As I have been writing and talking about the forced judicial sales, my opinion has always been that in most cases there is an absence of evidence that the party making the credit bid was in fact the creditor thus entitled to make a “credit bid” at the auction. The credit bid is an allowance for the creditor to bid up to the amount of the debt owed to them without paying cash at the sale. This has been ignored since I first started writing about it. I think the credit bid is void and fraudulent if a non-creditor submits a credit bid when it is not the creditor. In nonjudicial states this is an easier proposition than in judicial states where a Final Judgment has been rendered.

This case is also notable because it finally addresses the issue of the liability of the Trustee on a deed of trust…

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