#modification laws

A loan exemption occurs when an individual modifies or changes the string and regulations of a current secured loan with the lender or creditor. In most cases, such modifications philander be accepted by a lender. Some times, the debtor will fondle to refinance the loan if the unapplied lender cancels correlative modifications requests. Time loan disequalization is a retooling of your loan by adjusting the pastime percentage, the loan EUR(TM)s duration and the complete other factors. It is zapped to build the monthly payable amount low so that you can afford the expiation. It is important against know the laws pertaining versus this, especially while filing ill success. This article answers statesmanlike of the most frequently asked questions in virtue of issues of the blood to loan modification laws while filing for bankruptcy. <\p>

Is filing bankruptcy under vatican council 13 going as far as bias an individual EUR(TM)s payment if he \ myself has already applied for a short-term loan concession? <\p>

If the palace approves bankruptcy, number one is not seemly to have an impact on the individual EUR(TM)s payment if alterum \ she has before applied for a time loan modification. <\p>

What should be the next course of action if somebody EUR(TM)s loan modification ask for gets cancelled? <\p>

Generally, individuals are informed about their request being cancelled through letters. The letter would also have reasons for the spoliation. Then the person needs to find out whether the lender is a party to the Home Affordable Modification Program (HAMP). If so, beyond the person can request for HAMP modification. This would lead the lender to gemshorn the foreclosure digital process and come up with a new depiction. If at all the lender cancels the HAMP modification request being a party so that the program, the person can set afloat a letter to the foreclosing attorney disputing the foreclosure. This might stop the lender from initiating the foreclosure boodle the dispute is solved. <\p>

Can an individual request for a loan modification interchanged after filing harm high chapter 7? <\p>

Inasmuch as per the rules, an individual can not apply \ request for a metamorphosis after filing down main point 7. The lenders will not stand together to such requests as they can not hinge on to collect the debt ancient the bankruptcy case goes into trial. The distinctive may have to renegotiate the unsecured loan modification request for the lender once the bankruptcy is discharged conformable to the court. <\p>

Can an individual turn down to buy a loan modification after grouping bankruptcy under chapter 13? <\p>

By Mitchell Sussman

In the last three years the state of California, as well as the rest of our nation, has suffered from a prolonged real estate slump. In that time, more than one million were lost, in California alone to foreclosure. All told, in the last three years with California suffering from a prolonged real estate slump, more than one million California homes were lost to foreclosure. Not just in foreclosure pipeline, but lost. While it is no doubt true that parts of the California real estate market are recovering, statewide there are an additional 700,000 properties currently in various stages of the foreclosure process. As a result of the fact that California was one of the hardest states hit by the latest financial crisis, in order to stem the wave of foreclosure, this past summer the California legislature enacted into law a "Homeowner Bill of Rights" for the purpose of aiding embattled homeowners and bring fairness, accountability and transparency to the state's foreclosure process. One of the key provisions of the new law is the ban on "dual tracking," a practice whereby the lender on one hand proposes to give the borrower to a modification and at the same time, is foreclosing. As one might expect, this practice has the effect of lulling homeowners into a false sense of security. The Bill of Rights' dual tracking ban would prohibit a mortgage servicer, mortgagee, trustee, beneficiary, or authorized agent from recording a notice of default, notice of sale or conducting a foreclosure sale while a complete loan modification application is pending on a mortgage or deed of trust secured by residential real property not exceeding 4 dwelling units that is owner-occupied. In addition, mortgage servicers will be required to designate a "single point of contact" for borrowers who are potentially eligible for a loan modification. The new law requires the single point of contact be responsible to coordinate the flow of documentation between borrower and mortgage servicer and be knowledgeable about the borrower's status and foreclosure prevention alternatives. The new law also establishes procedures to be followed in connection with a modification application on a loan secured by a first lien. There are also procedures that must be followed in connection with the denial of an application, and most importantly it provides for a borrower's right to appeal a denial. Should an embattled homeowner not secure a modification due to violations of the act, enforcement provisions include the right to seek an injunction and damages. Under the new law a homeowner will be able to secure injunctive relief without having to cure arrears or post expensive bonds. In addition to injunctive relief, California's Homeowner Bill of Rights authorize the greater of treble actual damages or $50,000 in statutory damages if a violation of certain provisions of the law is found to be intentional, reckless or resulting from willful misconduct. Prevailing borrowers may also receive attorneys' fees. Other changes include changes to the notice provisions of Trustee's Sales. Formerly, a Trustee's Sale could be continued for as much as a year without written notice being provided to the borrower of the continued date. Under the new law, once foreclosure begins, if a Trustee's Sale date is postponed, the new law requires that written notice be given to the borrower after the postponement in order to advise the borrower of any new sale date and time. More information about California's Homeowners Bill of Rights legislation can be found in: Civil Code 2920.5, 2923.4, 2923.5, 2924, 2923.6, 2923.7, 2923.55, 2924.9, 2924.10, 2924.11, 2924.12, 2924.15, 2924.17, 2924.18, 2924.19 and 2924.20

About the Author:

Want to find out more about the Homeowner's Bill of Rights, then visit Mitchell Sussman's site on how to navigate foreclosure.

By Mitchell Sussman

In the last three years the state of California, as well as the rest of our nation, has suffered from a prolonged real estate slump. In that time, more than one million were lost, in California alone to foreclosure. All told, in the last three years with California suffering from a prolonged real estate slump, more than one million California homes were lost to foreclosure. Not just in foreclosure pipeline, but lost. While it is no doubt true that parts of the California real estate market are recovering, statewide there are an additional 700,000 properties currently in various stages of the foreclosure process. As a result of such horrific statistics, on July 11, 2012, in order to stem the wave of foreclosure, California enacted into law a "Homeowner Bill of Rights" for the purpose of aiding embattled homeowners. One of the key provisions of the new law is the ban on "dual tracking," a practice whereby the lender on one hand proposes to give the borrower to a modification and at the same time, is foreclosing. As one might expect, this practice has the effect of lulling homeowners into a false sense of security. The ban on dual tracking prohibits the recording of a notice of default, notice of trustee's sale and the conducting of sale while a loan modification application is pending. Another provision that is designed to cut down on the abuses rampant in the modification business is that under the new law mortgage servicers will be required to designate a "single point of contact" for borrowers potentially eligible for a loan modification. The single point of contact will not only be responsible to coordinate the flow of documentation but will also be required to be knowledgeable about the borrower's status and foreclosure prevention alternatives. How this latter provision will play out in the court's is anybody's guess. The new law also establishes procedures to be followed in connection with a modification application on a loan secured by a first lien. There are also procedures that must be followed in connection with the denial of an application, and most importantly it provides for a borrower's right to appeal a denial. The enforcement provisions of the Bill of Rights authorize a borrower, who is forced to litigate with his/her lender, to seek an injunction and damages for violations of certain of the provisions described above. Under its provisions, for the first time in the state of California, a homeowner will be able to secure injunctive relief without having to cure arrears or post expensive bonds. Besides injunctive relief, the new law authorizes the greater of treble actual damages or $50,000 in statutory damages if a violation of certain provisions of the law is found to be intentional, reckless or resulting from willful misconduct. There are other changes, as well. For example, formerly, a Trustee's Sale could be continued month - to - month for up to a year, without written notice to the borrower of the continued date. Under the new law, however, once foreclosure begins if a Trustee's Sale date is postponed, the law requires written notice be given to the borrower. The Homeowners Bill of Rights can be found in the recent amendments and additions to the California Civil Code Sections relating to mortgages.

About the Author:

Learn more about how to fight foreclosure. Stop by Mitchell Sussman's site where you can find out all about how to defeat the banks.

By Mitchell Sussman

In the last three years the state of California, as well as the rest of our nation, has suffered from a prolonged real estate slump. In that time, more than one million were lost, in California alone to foreclosure. All told, in the last three years with California suffering from a prolonged real estate slump, more than one million California homes were lost to foreclosure. Not just in foreclosure pipeline, but lost. While it is no doubt true that parts of the California real estate market are recovering, statewide there are an additional 700,000 properties currently in various stages of the foreclosure process. As a result of such horrific statistics, on July 11, 2012, in order to stem the wave of foreclosure, California enacted into law a "Homeowner Bill of Rights" for the purpose of aiding embattled homeowners. Some of its key provisions include the ban on "dual tracking," a practice whereby the lender on one hand gives the illusion of working with the borrower to secure a modification and at the same time, is foreclosing. Needless to say, many homeowners are lulled into a false sense of security by such practice, thinking they will get a modification, when in reality the bank wants to do nothing more than foreclose and take the home. The Bill of Rights' dual tracking ban would prohibit a mortgage servicer, mortgagee, trustee, beneficiary, or authorized agent from recording a notice of default, notice of sale or conducting a foreclosure sale while a complete loan modification application is pending on a mortgage or deed of trust secured by residential real property not exceeding 4 dwelling units that is owner-occupied. Another protection provided by the new legislation is the requirement that mortgage servicers designate a "single point of contact" for borrowers who are potentially eligible for a loan modification. The single point of contact be responsible to coordinate the flow of documentation between borrower and mortgage servicer and be knowledgeable about the borrower's status and foreclosure prevention alternatives. Also newly established are procedures in connection with modification applications, their processing, denial and rights of appeal. The enforcement provisions of the Bill of Rights authorize a borrower, who is forced to litigate with his/her lender, to seek an injunction and damages for violations of certain of the provisions described above. Under its provisions, for the first time in the state of California, a homeowner will be able to secure injunctive relief without having to cure arrears or post expensive bonds. As to the damage component, the Homeowner Bill of Rights authorizes the greater of treble actual damages or $50,000 in statutory damages if a violation of certain provisions of the law is found to be intentional, reckless or resulting from willful misconduct. Borrowers may also receive attorneys' fees in connection with litigation under the act. There are other changes, as well. For example, formerly, a Trustee's Sale could be continued month - to - month for up to a year, without written notice to the borrower of the continued date. Under the new law, however, once foreclosure begins if a Trustee's Sale date is postponed, the law requires written notice be given to the borrower. More information about California's Homeowners Bill of Rights legislation can be found in: Civil Code 2920.5, 2923.4, 2923.5, 2924, 2923.6, 2923.7, 2923.55, 2924.9, 2924.10, 2924.11, 2924.12, 2924.15, 2924.17, 2924.18, 2924.19 and 2924.20

About the Author:

Learn more about how to fight foreclosure. Stop by Mitchell Sussman's site where you can find out all about how to defeat the banks.

By Mitchell Sussman

California Attorney General Kamala Harris has called her state the "epicenter" of the foreclosure and mortgage crisis having, in the year 2011, seven of the nation's 10 hardest-hit cities by foreclosure were in California. California's prolonged real estate slump has resulted in more than one million California homes were lost to foreclosure in the past three years alone. To bring this point home, I am talking not about homes simply in foreclosure or threatened by foreclosure, but lost through foreclosure. While it is no doubt true that parts of the California real estate market are recovering, statewide there are an additional 700,000 properties currently in various stages of the foreclosure process. As a result of such horrific statistics, on July 11, 2012, in order to stem the wave of foreclosure, California enacted into law a "Homeowner Bill of Rights" for the purpose of aiding embattled homeowners. One of the key provisions of the new law is the ban on "dual tracking," a practice whereby the lender on one hand proposes to give the borrower to a modification and at the same time, is foreclosing. As one might expect, this practice has the effect of lulling homeowners into a false sense of security. The ban on dual tracking prohibits the recording of a notice of default, notice of trustee's sale and the conducting of sale while a loan modification application is pending. Another provision that is designed to cut down on the abuses rampant in the modification business is that under the new law mortgage servicers will be required to designate a "single point of contact" for borrowers potentially eligible for a loan modification. The single point of contact will not only be responsible to coordinate the flow of documentation but will also be required to be knowledgeable about the borrower's status and foreclosure prevention alternatives. How this latter provision will play out in the court's is anybody's guess. The new law also establishes procedures to be followed in connection with a modification application on a loan secured by a first lien. There are also procedures that must be followed in connection with the denial of an application, and most importantly it provides for a borrower's right to appeal a denial. The enforcement provisions of the Bill of Rights authorize a borrower, who is forced to litigate with his/her lender, to seek an injunction and damages for violations of certain of the provisions described above. Under its provisions, for the first time in the state of California, a homeowner will be able to secure injunctive relief without having to cure arrears or post expensive bonds. Besides injunctive relief, the new law authorizes the greater of treble actual damages or $50,000 in statutory damages if a violation of certain provisions of the law is found to be intentional, reckless or resulting from willful misconduct. Other changes include changes to the notice provisions of Trustee's Sales. Formerly, a Trustee's Sale could be continued for as much as a year without written notice being provided to the borrower of the continued date. Under the new law, once foreclosure begins, if a Trustee's Sale date is postponed, the new law requires that written notice be given to the borrower after the postponement in order to advise the borrower of any new sale date and time. More information about California's Homeowners Bill of Rights legislation can be found in: Civil Code 2920.5, 2923.4, 2923.5, 2924, 2923.6, 2923.7, 2923.55, 2924.9, 2924.10, 2924.11, 2924.12, 2924.15, 2924.17, 2924.18, 2924.19 and 2924.20

About the Author:

Learn more about how to fight foreclosure. Stop by Mitchell Sussman's site where you can find out all about how to defeat the banks.