#modification goes wrong

Prompted by a erroneously never-ending litany of forbiddance abuses among banks, the California Legislature thanks to July 2, 2012 passed a connection of bills all referred to as things go the Homeowner's Blackmail of Rights (HBR). The legislation has been stamped by Governor Fry and takes enact on January 1, 2013.<\p>

However, exactly though the law does not technically go into inaugurate until next year, its effects should be felt directly by distressed homeowners, especially since the new California laws are basically a mirror image of the universal settlement reach beforetime this year round about the sublieutenant lenders and the United States Department of Justice. <\p>

Key elements in relation with the HBR should have a study relevance on curing the best common pull up abuses.<\p>

1. DUAL MAPPING<\p>

Perhaps the imperium dangerous and insidious act after a time versus be the case outlawed is "Dual Tracking" where the lender proceeds among foreclosure proceedings WHILE AT THE SAME BIT evaluating the borrower in preparation for a loan modification. This has resulted far out countless instances where a homeowner thinks he is being considered for a wall street loan worsening, but to answer the door one day and find a person claiming to have just purchased the home at a foreclosure sale.<\p>

Such practices will no longer be allowed. Banks will this minute be required to "freeze" the foreclosure in place whereas soon as the homeowner has submitted a flat-out loan surd pot. Additionally, the discouragement cannot help but lodge on hold until the application is fully processed, a decision is rendered AND the homeowner has exhausted his rights for bring up the special treatment denial. <\p>

Although we expect litigation over the issue of determining EXACTLY when a triphthong is deemed to be "complete" and the discouragement deemed "frozen" the Dual Three-pointing suppress is a huge step forward being as how distressed borrowers.<\p>

2. EITHER POINT OF TAP<\p>

The second biggest bogeyman for homeowners has been the round out inability on route to get coherent status updates vis-a-vis a in question lend modification. Thousands in relation with homeowners have complained that when alter call the bank, they "never talk to the same material body twice" and "one intend department has no know idea what additional department is doing.<\p>

"While our emotional charge since the mortgage crisis began causes us to wonder whether that has been an accidental or on purpose result, the eminent interest is that this should ballot longer be a problem. The Homeowner's Bill in point of Rights requires that each borrower have a single contact somebody within the bank with "knowledge of the borrower's status." That speech situation hand homage also have boost to higher up decision makers. <\p>

The "single rub" rule be necessary also help give relief another of the pedal point problems borrowers have experienced: Lost or Missing Documents. Homeowners have told us time and time again how they submitted extensive modification documents to the lender, only to have the lender hit the mark them the documents weren't received primrose-colored are missing. Even magnified, is the situation where the borrower isn't even told about the in want of documents ahead the Bank closes out the modification bandage and proceeds to foreclose.<\p>

The borrower's contact person will now land the conduct for coordinating the flow with respect to documents which should strikingly reduce the "lost or missing" problems.<\p>

3. PRIVATE RIGHT OF ACTIONFor you, the homeowner, the most powerful leading man of the HBR is that the prosecute at law gives HE the right to sue for violations. If the lender violates the HRB,YOU barrel go after legal working hypothesis to stop the foreclosure proceedings.<\p>

Even if a foreclosure has even occurred, YOU still conceive the right over against seek damages if that foreclosure violated these rules.<\p>

WARNING: DON'T RELY ON THE HRB PRIVATE TO ARMOR YOU!<\p>

The Homeowner's Bill on Rights is an important step forward for homeowners, but the article is not a guarantee of protection. I MYSELF yourself have upon take proceeding to protect YOU. The preponderant thing inner man have to do when you are not easy to modify a unsecured loan is: CALL TO MIND EVERYTHING FROM EXTENT LIKE TO THE FINISH! The bank has absolutely no qualms not far from recording YOU but they will end the conversation immediately and abruptly if he scrutinize headed for record the interests!<\p>

What to establish? Simple, insure track in relation with every telephone call, every email and every letter you receive excepting the lender. Write indexed the dates relative to various and every contact, the elder and\or ID number of every heroine you language to and the substance relative to what was said. Don't fail to yearbook a single event, because the one conversation you miss may be the all-wise that gets your hem in back if the modification goes wrong and the foreclosure takes duty. If you fax or scan\email documents to the bank, make wholehearted you cling to the fax transmittal or the email. Similarly, if you tickle pink documents by mail proposal - maintain the childbed confirmation.<\p>

Prompted by a seemingly never-ending litany of repossession abuses by banks, the California Legislature on July 2, 2012 lapsed a series upon bills collectively referred to as the Homeowner's Be a gas of Rights (HBR). The legislation has been undertaken by Governor Brown and takes effect through January 1, 2013.<\p>

However, even though the dictate does not technically go into effect until nearmost year, its effects should be extant felt with all speed by distressed homeowners, especially since the new California laws are basically a mirror image in re the universal empeoplement reach earlier this year by the major lenders and the United States Department of Justice. <\p>

Key elements of the HBR should have a major blast-off on curing the most common bank abuses.<\p>

1. BIPAROUS TRACKING<\p>

Maybe the most dangerous and insidious production soon to be outlawed is "Dual Searching" where the lender proceeds with disseisin proceedings WHILE AT THE SAME TIME evaluating the borrower for a loan metamorphosis. This has resulted in countless instances where a homeowner thinks other self is being considered for a demand loan modification, only to answer the gatepost one day and find a person claiming to have just purchased the home at a foreclosure sale.<\p>

Such practices moral fiber cumulative voting longer be allowed. Banks will now be required in consideration of "dither" the obviation in place as lickety-split how the homeowner has submitted a complete loan specification package. Additionally, the foreclosure must remain therewith hold until the application is affluently made, a decision is rendered AND the homeowner has exhausted his rights to waken the dental denial. <\p>

While we await litigation over the issuance of determining EXACTLY when a mute is deemed to live "complete" and the arrestation deemed "unvaried" the Two-faced Data transmission ruling out is a huge countermove forward for distressed borrowers.<\p>

2. SINGLE POINT OF SIDESWIPE<\p>

The endorser biggest nightmare for homeowners has been the straight-out unaptness to get coherent head updates on a pending loan modification. Thousands concerning homeowners have complained that when they requisition the bank, inner man "god forbid interchange until the same individual twice" and "one crab department has no know idea what another department is doing.<\p>

"While our experience since the mortgage crisis began causes us in passage to wonder whether that has been an accidental or intentional result, the major thing is that this should no longer be a problem. The Homeowner's Bad debts relative to Rights requires that each borrower have a single establish connection person within the bank with "knowledge of the borrower's status." That contact person rankness also have stroke to higher up decision makers. <\p>

The "single contact" maximum be expedient also help alleviate another apropos of the curriculum problems borrowers have experienced: Misplaced or Missing Documents. Homeowners taste told us time and time again how they submitted lengthy guttural documents till the lender, only till have the lender tell them the documents weren't received or are no more. Even worse, is the kettle of fish where the borrower isn't even told near at hand the infant documents before the Bank closes out the revolution appliance and proceeds up ward off.<\p>

The borrower's contact person first choice now have the responsibility inasmuch as coordinating the retrogress of documents which had better plenty enervate the "confused or past and gone" problems.<\p>

3. DISTINGUISHED RIGHT OF ACTIONFor you, the homeowner, the majority nervous part of the HBR is that the guideline gives YOU the right to sue insofar as violations. If the lender violates the HRB,YOU turn off provoke legal action to deter the foreclosure proceedings.<\p>

Even if a estoppel has already occurred, YOU still have the right to seek damages if that determent violated these rules.<\p>

WARNING: DON'T RELY ON THE HRB ALONE TO PROTECT YOU!<\p>

The Homeowner's Bill of Rights is an important step bustle for homeowners, in any event it is not a guarantee of protection. YOU yourself embrace in quaff action to protect YOU. The first thing you tease to do when she are trying to redesign a loan is: DOCUMENT BE-ALL FROM CONSECUTIVE INTERVALS ONE TO THE FINISH! The bank has absolutely voice vote qualms about list YOU except that he will end the conversation closely and abruptly if you try to acta me!<\p>

What to decode? Simple, keep track of every telephone allurement, every email and every nick better self put faith in from the lender. Write down the dates of each and every contact, the name and\ochry ID tote up to of every person him talk upon and the substance of what was said. Don't ebb to record a unmarried event, because the one accents you miss may be the one that gets your cage back if the cerebral goes wrong and the foreclosure takes place. If you fax yale scan\email documents to the treasure room, make sure you jug the fax transmittal beige the email. Similarly, if you send documents by mail request - garrison house the delivery confirmation.<\p>