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Espinoza v. Bank of America, N.A.

United States District Court for the Southern District of California
823 F. Supp. 2d 1053 (2011)


Facts

Espinoza (plaintiff) owned property subject to multiple deeds of trust. Espinoza defaulted on two of the deeds of trust, including one owned by Bank of America (defendant). Bank of America commenced judicial foreclosure proceedings. In October 2009, Espinoza signed a short sale agreement with a third party. Bank of America approved the short sale, which closed on March 25, 2010. Upon the short sale, Bank of America released its lien on the property but stated in the reconveyance deed it only released the lien on the property and that Espinoza still owed the underlying debt. Bank of America demanded repayment of the loan. Espinoza filed suit in San Diego Superior Court claiming that California’s anti-deficiency statute prohibited Bank of America from collecting the deficiency resulting from the short sale. Effective January 1, 2011, California amended its anti-deficiency statute to make it applicable to short sales. Bank of America removed the case to the United States District Court for the Southern District of California and filed a motion to dismiss.

Rule of Law

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Issue

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Holding and Reasoning (Gonzalez, C.J.)

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  • A “yes” or “no” answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

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