MAC BAKER, GRI's Blog

Senate approves SB 1178 extending anti-deficiency protection in California

MAC BAKER, GRI (Coast Capital Properties) — Sat, 05 Jun 2010 01:41:41 -0700

Senate approves SB 1178 extending anti-deficiency protection

Measure protecting consumers from overreaching lenders now goes to Assembly

California Association of Realtors

LOS ANGELES (June 3) - The California Senate this morning approved SB 1178 (D-Corbett) by a 30 to 4 vote, extending anti-deficiency protection for consumers who have refinanced their original mortgage loans and now are facing foreclosure. The California Association of Realtors (CAR) is the sponsor of the consumer protection legislation.

"Currently, if a homeowner defaults on a mortgage used to purchase his or her home -- known as a 'purchase-money mortgage' -- the homeowner's liability on the mortgage is limited to the property itself," said CAR President Steve Goddard. "Unfortunately, the original law did not extend the purchase money protection to loans that refinance the original purchase debt, even if the refinance only was to obtain a lower interest rate. SB 1178 corrects this inequity and extends the same protections to consumers who refinance their home loans.

"Today's vote was a victory for homeowners in California," he said. "SB 1178 now moves to the Assembly for approval. CAR is calling on our elected representatives to swiftly pass this much-needed legislation and send it to Gov. Schwarzenegger for signature."

Leading the way...® in California real estate for more than 100 years, the California Association of Realtors (www.car.org) is one of the largest state trade organizations in the United States with nearly 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Senate Bill 94 - Prohibits Advance Fees for Loan Modifications

MAC BAKER, GRI (Coast Capital Properties) — Tue, 13 Oct 2009 14:25:01 -0700

ADVANCE FEES FOR LOAN MODIFICATIONS NOW PROHIBITED On October 11, 2009, Governor Schwarzenegger signed Senate Bill 94 (Calderon), and the legislation took effect immediately upon his signature. Thus, California law now prohibits any person, including real estate licensees and attorneys, from demanding or collecting an advance fee from a consumer for loan modification or mortgage loan forbearance services affecting 1-4 unit residential dwellings. IF YOU ARE A REAL ESTATE BROKER, OR THE DESIGNATED OFFICER OF A LICENSED CORPORATION, WHO HAS BEEN ISSUED A "NO OBJECTION" LETTER BY THE DEPARTMENT OF REAL ESTATE FOR LOAN MODIFICATION OR OTHER MORTGAGE LOAN FORBEARANCE SERVICES, YOU CAN NO LONGER ENTER INTO THESE AGREEMENTS EFFECTIVE AS OF OCTOBER 11, 2009, NOR CAN YOU COLLECT ANY ADVANCE FEES FOR SUCH SERVICES. Agreements entered into and advance fees collected prior to October 11, 2009 are not affected. Advance fees inadvertently collected after October 11, 2009 must be fully refunded. All real estate licensees should become familiar with the provisions of SB94 as there are substantial administrative and criminal penalties for violations. Please note that attorneys are also included in the prohibition - they cannot collect moneys in advance from borrowers regarding loan modifications or forbearances. This means that many people facing foreclosure will have no alternative but to deal directly with the bank, since attorneys and licensees are not likely to work with a promise of being paid at the end, when a modification or forbearance is obtained. One possible alternative is for you to work for the lender - approach them with a written guarantee that they will pay you for working on the modification or if the loan is modified. Without the lender's agreement, we anticipate that most licensees and attorneys will abandon the modification business.

Realtors Targeted in Lawsuits - Fill Civil Courts

MAC BAKER, GRI (Coast Capital Properties) — Thu, 16 Jul 2009 02:01:36 -0700

Wednesday, August 13, 2008

Legal Insurance - Real Estate Market

Realtors are being targeted in malicous lawsuits.

There is a problem with our legal system. There are too many false and malicious lawsuits targeting individuals whom will inherit the financial cost of defending such allegations. The burden of paying for legal representation after being named as a defendent in a lawsuit with no merit can cost upward an average of $40,000.00 - $50,000.00 The face of a lawsuit can have no factual merit yet seldomly do our U.S. courts punish those whom have filed such malicous lawsuits.

I was recently served with a Lawsuit that was so riddled with lies I did not know that it was possible for the case to go as far as it has. The process of answering the lawsuit with a demurr is of little persuasuion to knock out such lawsuits. The Judge will give the Plaintiff an opportunity to amend the complaint 3 times. This provides an attorney an opportunity to change the lies on a complaint 3 times. The Court does not want to hear any facts about the case at this point. This is only to see if the face of the complaint is worthy for trial. The cost occurred at this point is upward of $15,000.00. The next steps are Discovery, Summary Judgement, and Trial. All of which will cost you your savings or if you do not have the money to defend yourself...you will undoubtedly loose the case.

Realtors, Lenders, Appraisers, Sellers and many others are being targeted. Homeowners in distress that experience an inability to pay their mortgages or those whom let their property foreclose due to the price deteriation are suing their lenders, sellers, appraisers, and sales agents. Do you have a copy of your E & O insurance policy coverage? Did you know that a Broker's E & O Insurance does not cover the Seller or Buyer in a transaction and their only recourse is to sue the agent personally? Google or Yahoo the Ummel vs. Little case here in Carlsbad, CA. Re/Max agent Mike Little spent 2.5 yrs in court & 250k with a case he won. But it cost him his name and life savings.

Who recommended the Home Inspector to the buyer? Was there a Request for Repair form provided that stated in writing that the buyer seeks Legal Representation to review each specific document before signing? Any unpermitted building additions? Any self employed buyers showing losses on thier tax returns whom were provided with a Stated Income Loan? All of these causes are showing up as the following complaints: Negligence, Professional Negligence, Fraudulent Concealment, Civil Conspiracy, Fraudulent misrepresenation.

Dont wait till its to late. Get protected with Legal Insurance NOW! http://www.prepaidlegal.cc/
Don't let a malicous lawsuit steal your joy and destroy you, financially speaking. Please consider $26 per month legal insurance plan providing you with attorney on retainer for all of your legal needs. See more at http://www.prepaidlegal.cc/Or call me direct so that I may provide you with a Risk Management course free for your office. I can help you. Mac Baker - 949-510-7775 mac@prepaidlegal.cc

Free HOME CLINIC - HOC - San Diego County - Save your Home!

MAC BAKER, GRI (Coast Capital Properties) — Sat, 24 Jan 2009 00:31:48 -0800

Sorry for the short notice...But we should have a few more of these depending on the continued needs in our San Diego County area. Please check to see if HUD is participating with events like this in your area too. This is a terrific opportunity for all Homeowners struggling to pay thier mortgage in the San Diego County Area. I am pleased to see the following services provided for our San Diego County Homeowners. The services are provided In collaboration with the Legal Aid Society of San Diego Pro Bono Program.

Cost: FREE

The HOME Clinic is a community service program of the Housing Opportunities Collaborative (HOC), a coalition of nonprofit organizations and agencies in the San Diego region. All cities of San Diego including the North County San Diego cities of Oceanside, Carlsbad, Vista, San Marcos, Escondido, Bonsall, Leucadia, Cardiff by the Sea, are included.

The HOME Clinic will enable you to access existing resources and services pertinent to your difficulties in making monthly mortgage payments. This Clinic will pool attorneys, real estate and mortgage industry professionals, housing counseling agencies, fair housing agencies, and other public agencies into one location to give you a one-stop shop of counseling resources. It will connect you to legal assistance, consumer protection assistance, credit counseling, fair housing counseling, and to other agencies that can help you. Local attorneys who have real estate, lending and mortgage industry experience, as well as bankruptcy, landlord/tenant and family law attorneys will give services. You will also consult with staff members of local HUD approved housing counseling and credit counseling agencies. You will get a review of your mortgage/lending/escrow documents and you will be referred to local law enforcement or to local attorneys who may give resolution to your problems.

Educational sessions on credit management, short sales, Foreclosures, mortgage loans, bankruptcy and consumer protection will also be provided. Family members are welcome.

Date: Saturday, January 24, 2009

Time: 10:00 AM to 3:00PM

Location:

San Diego County Library

Encinitas Branch

450 Cornish Drive

Encinitas, CA 92024

Cost: FREE

Registration Required: Please send email with name, address, and telephone number to, HOMEClinic@housingcollaborative.org, or call 1-800-HOC-0503 to schedule an appointment (There are limited personal attorney counseling appointments)

please visit

www.housingcollaborative.org
"Housing For All"

IF YOU NEED IMMEDIATE ASSISTANCE, CALL 1-888-995-HOPE.

Politcally Correct? Christ is Christmas!

MAC BAKER, GRI (Coast Capital Properties) — Thu, 25 Dec 2008 16:14:46 -0800

Without the risk of souding too Religous to some or for me looking for the approval of others, I would like to use this Birthday of our Christ Jesus to Bless you with my Blog in my heartfelt burden to inspire you during some difficult times for our Country and the World today. As a Realtor and Lender, I too have experienced the economic challenges we face today from the recklessness of our Leaders. This blog is not about the Chain of Blame. Believe me...I too have an educated opinion.

Jesus promises that we will have rest with Him. So, if it is rest or peace or to if you are enduring hardships this Season with losses that have occured this year, may you receive the Comforter that will endure you through all things today.

There is comfort and peace in knowing our Lord as Savior! He tells us that our Yoke is Light and our Burden is Easy. We must not let our minds create additonal pressure and stress from fears of losses or the Losses we have suffered. Let's partake in the Celebration of Christ today and always. As he was born the Son of Man in the lowliest place to pay the greatest Cost to show us his everlasting Love for each of us.

You are not alone! You are Loved and Favored by our Lord Jesus Christ! Merry Christmas to you this Season.