California Civil Code 2949 – (a) No mortgage or deed of trust on real property containing …
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(a) No mortgage or deed of trust on real property containing only a single-family, owner-occupied dwelling may be declared in default, nor may the maturity date of the indebtedness secured thereby be accelerated, solely by reason of the owner further encumbering the real property or any portion thereof, with a junior mortgage or junior deed of trust.
(b) As used in this section, “single-family, owner-occupied dwelling” means a dwelling which will be owned and occupied by a signatory to the mortgage or deed of trust secured by such dwelling within 90 days of the execution of such mortgage or deed of trust.
Terms Used In California Civil Code 2949
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- property: includes property real and personal. See California Civil Code 14
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- will: includes codicil. See California Civil Code 14
(Added by Stats. 1972, Ch. 698.)