Loan Modification
New Short Sale Law in California (SB 458): Secondary Lien-Holders Lose Rights
It is being heavily reported that the new law (SB 458) signed into effect this past week regarding short sale transactions in California will aid the short sale process and provide further protections to sellers. In short, the new law prohibits second lien-holders from going after short sale sellers for the deficiency amount between what [...]
Wrongful Foreclosure Action: Homeowners Armed with Powerful Remedy Against Sloppy Lenders
My intention in writing this post is not to stoke up another debate over the current real estate debacle in California. I do not intend to spark once again the philosophical wrangling between homeowners and their lenders. I am a lawyer, not a radio talk-show host (yes, there is a difference). I take this opportunity [...]
Amendment to Promissory Note and Deed of Trust: Extending Maturity Date
Griswold Law recently posted an article on the basics of a Promissory Note. In this current article, the practical issue of amending an existing promissory note (or a likely expired promissory note) is discussed. One common situation is the note “expires,” or in other words has reached its date of maturity. At that point, the [...]
Loan Modification: Relief Available for Struggling Homeowners
Loan modifications are becoming more and more common as the foreclosure crisis continues. A loan modification is a permanent change in one or more of the terms of a homeowner’s loan, allows the loan to be reinstated and results in a payment the homeowner can afford. There are several ways a loan may be modified. [...]
California’s Foreclosure Reform Law (SB 1137): Property Maintenance Requirements for Lenders
This article is one of several entries regarding California’s recent enactment of its Foreclosure Reform Law (SB 1137). The general purpose of the new law is to alleviate the negative effects of the rising foreclosure rate in California on lenders, borrowers and renters. Section 5 of SB 1137 states that the legal owner of vacant [...]
California’s Foreclosure Reform Law (SB 1137): Loan Modifications Encouraged
This article is one of several entries regarding California’s recent enactment of its Foreclosure Reform Law (SB 1137). The general purpose of the new law is to alleviate the negative effects of the rising foreclosure rate in California on lenders, borrowers and renters. Section 3 of SB 1137 is a pronouncement supporting and encouraging lenders [...]
California’s Foreclosure Reform Law (SB 1137): Required Contact by Lenders before Filing Notice of Default
This article is one of several entries regarding California’s recent enactment of its Foreclosure Reform Law (SB 1137). The general purpose of the new law is to alleviate the negative effects of the rising foreclosure rate in California on lenders, borrowers and renters. In an effort to ensure borrowers are given every opportunity to avoid [...]
California’s Foreclosure Reform Law (SB 1137): 60-Day Notice to Tenants
This article is one of several entries regarding California’s recent enactment of its Foreclosure Reform Law (SB 1137). The general purpose of the new law is to alleviate the negative effects of the rising foreclosure rate in California on lenders, borrowers and renters. In an effort to protect the interests of innocent tenants, the California [...]
California’s Foreclosure Reform Law (SB 1137) and its Effects on Lenders, Homeowners and Renters
In July 2008, the California State Legislature passed a measure aimed at addressing the ongoing foreclosure crisis in several counties of the state (Senate Bill 1137). The new law attempts to alleviate the adverse effects of the rising foreclosure rate felt by lenders, homeowners and renters. There are four key aspects to this new law. [...]