By Poppy (36 year mortgage industry veteran & senior underwriter)

This is a challenging and open statement to those of you in the Servicing game, Modification, Short Sale, Deed in Lieu, Collections, better known as the Work Out phase of our industry. 

This is where I started in this industry in 1972, at a little tiny, itsy bitsy Mutual Savings Bank, fresh in the job market.  I started in collections before there was a Fair Credit Trade Act, when we could really get down and dirty with the miscreant borrower's that did not make their mortgage payments.  We could berate them, belittle them, threaten them, lie to them, you name it, we could legally do it. 

There were no laws to prevent us from doing it. 

We could get down right ugly with the borrower and force payment any which way we saw fit on their home loan.  Barring overstepping the statutory foreclosure laws of the state, we could foreclose in a heartbeat.  In other words we could be Simon LaGree at any given time and have no repercussions to our actions.  No, we were not commissioned, we were hourly or salaried, we were employees of the Bank, set on a mission of getting the Bank's money.

I then went on to a much larger and more powerful Savings and Loan Institution and sat on the servicing, collections, preparatory foreclosure and loan platforms.  Again in the 70's prior to a lot of the Laws that are now in place to "protect" the consumer. 

NOW, did we do what you would have think predicated on the fact that we were not "legally estopped" by government regulations from bad behavior in the collection and pre-foreclosure process.  Did we berate, belittle, lie, blow off, threaten, the borrower - NO WE DID NOT.

Now why do you think we did not?  We the institution were out money, translation earnings, not a good thing in the eyes of the owner/share holders.  We the institution were owed money for the funds that we made available to the borrower for their homes, they the borrower's had to pay it to us or forfeit the property.  We the institution were going to be audited by Feds and with non-preforming loans on the books and get our little corporate banking hands slapped by the Dark Suited Ones.  So what the HELL do you think we did?

WE DID PROACTIVE WORK OUT. 

We started ahead of the curve, before the borrower was in such awful shape that they were financially terminally ill and taking the house in foreclosure was the only recourse available to us.  We determined through courteous, polite, and proactive measures what the problem was, how extensive was it, what were the extenuating factors, what were the mitigating factors, was the problem causing the delinquency open ended or close ended, was the borrower able to crawl out from under, what were our options as the lender and as allowed under the terms of the Note and Mortgage (we did not have Deeds of Trust in the dark ages in that state).  We determined what could be done to protect the interests of the Lender and the Borrower. 

We rarely took back a property, we worked it out through proven and tried industry methodologies and accepted practices, loan modification, rewrite, forbearance, repayment plans, etc....  We had mutual interests.  Get it, MUTUAL interests.  This is a symbiotic relationship and has been from the beginning of time when the first funds were lent out to some borrower that agreed to pay them back; you lend with calculated risk, they pay back with interest, you make money off of money, simple formula.

Just having collateral does not mean that you step in and automatically look to the collateral to make you whole, that is not the primary premise of calculated risk, it is actually the last resort.  We were and are not in the business to own Real Estate.  Dumb, dumb, dumb......really dumb.  Can I say it again really Dumb.

The ink in your Institutional pens is drying up faster than you can write your down your losses in this debacle, in just the initial phases you are taking massive losses from non-payment and interest accrued real time, costs of collections, costs of preparatory foreclosure, loss of anticipated income/interest,  loss of stock value, loss of property valuation/collaterial valuation, repurchase of loans from investors you sold to, costs of ramping up collections and loss mit platforms, loss of income through non-recoverable legal fees, loss of pre-foreclosure appraisal and other foreclosure services not recoverable, costs of huge current legal proceedings and yes.....cost of REO (ain't cheap you know) and it is depreciating FAST. 

 You are bleeding ink and the almighty dollar, not to mention the loss of faith by institutional investors world wide, loss of confidence, loss of future confidence and the legal proceedings yet to arrive at your door steps.  Oh, let me mention, we are just getting started in this crisis, there is so much more yet to rain down.

The glory days are over boys and girls, you made up these unholy toxic guaranteed to fail products, unleashed them on the consuming public, reassuring yourselves that as long as the real estate collateralizing these guaranteed to fail products kept appreciating, you would be covered.  As to what the hell you were all thinking as regards to the real estate market continuing to appreciate, which has proven historically to be a veritable roller coaster ride, and that it would continue to cover your proverbial rear ends, that would be anyone's guess.  Now is the time to pay the piper, that ride ended as all historical models would have predicted. 

The products you designed were destined to fail, even without the loss of appreciation in the market, not a single one was predicated or founded on prudent lending precepts. 

The acceptance of, actually almost mandatory mis-rep (fraud) in the files in stated income, stated assets, no doc, no ratio, inflated appraisals, etc....more than fueled this final result - absolute, utter and total chaos on Wall Street and Major Lending Institutions' bottom lines. 

Now you have to visit that chaos on the consumer as if they are the egregious party?  No, you are the egregious parties to this, they just came to your door when you made it available, and you handed it out replete with the predestine failure, prerequisite fraud and built in land mines (2/28, 3/27, Option ARMS, 80/20 Combos, I/O) like candy favors at a child's birthday party. 

It is well past the time to admit, you more than goofed, you really screwed up.......get your ducks in a row and start becoming PROACTIVE, NOW.  You really have nothing to lose, and everything to gain.   Mostly your financial lives depend on it just as the borrower's financial lives depend on it.  MUTUAL INTEREST.

Get PROACTIVE NOW,  start the modification process before the borrower is in so damn deep they may never crawl out, get the Investors on board with this novel idea, their financial lives depend on it.  MUTUAL INTEREST.   These loans were built to fail, admit it, move on to the solution phase. 

MODIFY these nasty things ahead of the impending collection activity, use the old fashion tried and true methodology, underwrite the Modification to proven prudent decisioning before the borrower does not have a dime to buy groceries and you have a stable of Real Estate that is going to take you better than 8 years to sell off, with all of its incumbent costs as REO (more losses). 

Where you can not MODIFY, REWRITE.  Remember the Savings and Loan Debacle - if you are not heeding this post, so go you, only this one is bigger, uglier and far more economically devastating to our communities and Country's financial health.  The implications of this financial maelstrom reach into every community in this country, just about every street in this country and beyond our national boundaries. 

GET PROACTIVE NOW.

Visit this great website for free foreclosure help and to learn the foreclosure process.

 Please join our one of a kind Please join our one of a kind homeowner's forum where you can ask questions and get answers in this unique and interactive community that was created to assist people in an anonymous, yet open question format. Meet other homeowners that are going through the same thing and get the help you need from industry experts and foreclosure defense and mortgage law attorneys. 

With zero funding and nothing but the goodwill of about 1,000 members, a new Web site has managed to save 18 homeowners from almost certain foreclosure.
 
As foreclosures nationwide skyrocket, one site has vowed to help homeowners keep their homes. LoanSafe.org (http://www.loansafe.org) is the brainchild of Moe Bedard, a California man who is using his connections in the industry to save homeowners from certain foreclosure... and he's doing it all for free.
 
Bedard launched the unique site six months ago as a place where people facing foreclosures and skyrocketing adjustable rate mortgages could meet and discuss their options. In in the past six months the site has grown to nearly 1,000 members and has successfully saved 18 homeowners from foreclosure.
 
All 18 of the homeowners stories have been chronicled on the Web site. Most of the members fought for 3-4 months before receiving a loan modification that could save their homes. However, their perseverance prevailed, as one member of Loan Safe even received a personalized loan modification letter from the office of Angelo Mozilo, President of Countrywide.
 
"As the foreclosure epidemic continues to grow, I see more and more people looking for help," said Bedard. "As two and three year adjustable rate mortgages start to reset, people are finding themselves looking for anything that could possibly save their homes. There was a need on the Internet for a safe and free place, where homeowners could meet and get critical information that would help them save their homes. I felt I could provide some useful information to these people, such as how to get a loan modification, so I started LoanSafe.org. I had no idea it was going to grow as fast as it did. I guess even I underestimated the impact these adjustable rate mortgages are having on the country."
 
In it's short six month life, LoanSafe.org has already received more than 500,000 visits. In contrast, the Hope Now Alliance, a fully-funded government program created to help homeowners in much the same way as LoanSafe.org, has only reached about 200,000 people in the past six months. Bedard credits the members of LoanSafe.org for its success.
 
"The forum is full of homeowners, attorneys, foreclosure prevention & loan modification experts, and regular folks... and nobody is asking for anything in return," said Bedard. "We've proven that most people can keep their homes, they just have to learn what needs to be done."
 
"Well it's finally over! We got our loan modified and fixed for the next seven years," stated a Texas woman who goes by the name of TxAngel. "If it weren't for this forum, I don't know if I would have done any of it the right way. I didn't even know what a loan modification was."
 
For more information on LoanSafe.org, please visit: http://www.loansafe.org
 
About LoanSafe.org:
 
LoanSafe.org is a support community that is built around the premise of paying it forward. Their main goal is to help homeowners find ways to successfully stop foreclosure on their homes.
 

The law in particular that relates to non-English speaking borrowers is California Civil Code 1632. I am sure there are many other states that also have similar laws as California's.

The law is very clear and it states that if a "contract" is negotiated in a foreign language then that contract needs to be written in that foreign language. If the loan is negotiated in Spanish, then the loan documents need to be in Spanish.

(f) At the time and place where a contract or agreement described in paragraph (1) or (2) of subdivision (b) is executed, a notice in any of the languages specified in subdivision (b) in which the contract or agreement was negotiated shall be conspicuously displayed to the effect that the person described in subdivision (b) is required to provide a contract or agreement in the language in which the contract or agreement was negotiated, or a translation of the disclosures required by law in the language in which the contract or agreement was negotiated, as the case may be. If a person described in subdivision (b) does business at more than one location or branch, the requirements of this section shall apply only with respect to the location or branch at which the language in which the contract or agreement was negotiated is used.  

The reality is that this never happened and many of these borrowers are going into foreclosure when they have a legitimate defense to stop foreclosure and can fight back against this form of predatory lending.

California Civil Code 1632

 According to data from the United States Census of 2000, of the more than 12 million Californians who speak a language other than English in the home, approximately 4.3 million speak an Asian dialect or another language other than Spanish. The top five languages other than English most widely spoken by Californians in their homes are Spanish, Chinese, Tagalog, Vietnamese, and Korean. Together, these languages are spoken by approximately 83 percent of all Californians who speak a language other than English in their homes.

(b) Any person engaged in a trade or business who negotiates primarily in Spanish, Chinese, Tagalog, Vietnamese, or Korean, orally or in writing, in the course of entering into any of the following, shall deliver to the other party to the contract or agreement and prior to the execution thereof, a translation of the contract or agreement in the language in which the contract or agreement was negotiated, which includes a translation of every term and condition in that contract or agreement:

(1) A contract or agreement subject to the provisions of Title 2 (commencing with Section 1801) of, and Chapter 2b (commencing with Section 2981) and Chapter 2d (commencing with Section 2985.7) of Title 14 of, Part 4 of Division 3.

(2) A loan or extension of credit secured other than by real property, or unsecured, for use primarily for personal, family or household purposes.

(3) A lease, sublease, rental contract or agreement, or other term of tenancy contract or agreement, for a period of longer than one month, covering a dwelling, an apartment, or mobile home, or other dwelling unit normally occupied as a residence.

The law is very clear and it relates to most all contracts and in particular ones that involves real estate and mortgages.

The law states that "Regulation M" and "Regulation Z" mean any rule, regulation, or interpretation promulgated by the Board of Governors of the Federal Reserve System and any interpretation or approval issued by an official or employee duly authorized by the board to issue interpretations or approvals dealing with, respectively, consumer leasing or consumer lending, pursuant to the Federal Truth in Lending Act, as amended (15 U.S.C. Sec. 1601 et seq.).

Upon a failure to comply with the provisions of this section, the person aggrieved may rescind the contract or agreement in the manner provided by this chapter. When the contract for a consumer credit sale or consumer lease which has been sold and assigned to a financial institution is rescinded pursuant to this subdivision, the consumer shall make restitution to and have restitution made by the person with whom he or she made the contract, and shall give notice of rescission to the assignee. Notwithstanding that the contract was assigned without recourse, the assignment shall be deemed rescinded and the assignor shall promptly repurchase the contract from the assignee.

If you believe you know of someone who might be a victim of predatory lending or mortgage fraud and their legal rights have been violated, then please let them know that there is help available for them.

The recent and dramatic rise in foreclosure activity, fueled in large part by predatory lending  practices, has effected everyone, including the Hispanic Communities and other multi-cultural communities.  Fortunately, there are specific laws that protect homeowners from these practices, yet the reality is many are unaware. 

We have been providing legal services to homeowners in Southern California and have had notable success with respect to non-English speaking borrowers. We have found that in many circumstances, borrowers with limited ability to understand English, have been the target for many unscrupulous brokers and lenders.   Our hope is to be able to provide assistance to these borrowers.

One, law in particular that is relevant to this group is California Civil Code § 1632. For example, t his statute requires that borrowers who negotiate loan terms with a mortgage broker in Spanish, must receive their loan documents in Spanish.    The reality is this simply does not happen.    The obvious result is that the borrower really is at a significant disadvantage in that they are unable to verify the representations made by the broker.

As a law firm, we typically take these cases on a contingency, which allows borrowers who may not otherwise be able to afford adequate legal representation to have access to this valuable service.   We are also in the process of setting up a non-profit organization to provide additional educational and legal services.  Our goal is to see these predatory lending practices exposed and corrected.   We hope to build alliances with various organizations who share the same consumer oriented perspective.

Courtesy of Nathan Fransen

 

The facts are that there are many people who are losing their homes to predatory lending because they were placed in mortgages they could not afford. Does that make you the bad person or the one that all the blame in placed on? NO!

When people look for a mortgage they rely on professional advice and the aid of a mortgage broker or lender. The loan process is complicated and most everyone places their trust in the professional thet is guiding them through the process.

Unfortunatley, many of these professionals placed thousands and thousands of borrwers in loans that they could not afford or in just down right exotic mortgages, that now have become extinct.

Predatory lending is a buzz word that is floating around a lot right now and for good reason. There are thousands and quite possibly maybe a million plus people that have mortgages where the Truth in Lending Act was violated, thus falling under the predatory lending statue.

I wanted to post some information and a website that will help people that think they are victims.

A website you need to visit is http://www.fairlending.com/. It is operated by the National Community Reinvestment Coalition. This explains who they are and what they do from their website.

Quote:

Through the National Anti-Predatory Lending Consumer Rescue fund (CRF), NCRC works with victims of predatory lenders so their mortgage payment becomes more affordable and foreclosure can be avoided. NCRC's member groups and their communities are encouraged to tap into this program. The CRF identifies consumers who are in "high risk," predatory mortgages. We also assist those who have made good faith efforts to pay their loans but are unable to do so due to a permanent change in circumstances.

Here is another excerpt from their website giving details of what they do and can do.

Quote:

Qualifying consumers will be provided assistance free of charge. Keeping a homeowner in his or her home is of utmost importance to NCRC and its partners and members. The CRF is designed to have both a short- and a long-term benefit to the homeowner. Some of the ways we can help people include: Mediation with the lender or servicer to have abusive terms eliminated, and to delay or stop foreclosure proceedings. Through an affordable refinance, or through mediation with the customer's current lender, NCRC has been able to modify abusive mortgage terms. This enables borrowers to attain greater financial security. If applicable, NCRC will negotiate a loan workout with lenders to help customers whose appraisals have been inflated or whose mortgage debt is greater than their home's worth because of a predatory loan. In cases like that, NCRC will attempt to have part of the loan forgiven. Refinancing services and loan modification efforts are currently available in the states of: Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Maryland, Massachusetts, Nevada, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, Texas and Wisconsin.

I plan on aliging myself with them and using this forum to aid in their effort against predatory lending.

I often am asked, "What is Predatory Lending?"  This term can apply to all aspects of the mortgage industry and refers to the practice whereby a creditor put a borrower into a loan that the borrower will probably not be able to repay.

If you are a victim of predatory lending or mortgage fraud, it's sometimes possible to have your mortgage voided and to apply 100 percent of your payments to the principal balance.

Both federal and state law prohibit the mortgage industry from providing different loan terms to people based on race, sex, ethnicity, or other protected class. Such a transaction may be subject to a cause of action under the Unruh Civil Rights Act or other law. Equity theft also called equity skimming, refers to the situation whereby the same creditor refinances the same property with the same borrower multiple times and uses the equity in the borrower's property. 

Federal laws like the Truth In Lending Act ("TILA") and the Real Estate Settlement Procedures Act ("RESPA"), as well as many state laws, require that creditors disclose certain terms of loans to borrowers, and when those terms are not disclosed or are inaccurately disclosed these laws provide severe monetary penalties against these creditors.

Some violations of the Truth in Lending Act are so easily spotted that it takes an experienced mortgage attorney just a few minutes to uncover them. Other predatory lending violations are harder to find and require recalculations of the loan figures to discover.

Many consumers are tricked into signing documents they don't understand. These same documents  cleverly hide fees like the yield spread percentage (YSP) and charges. Does your loan have a prepayment penalty? Maybe your lender paid money to your mortgage broker and your weren't aware of this "kick back". Or maybe you signed a disclosure at closing stating that you were not canceling (waiving your right to a 3 day right of rescission)?

 

Federal disclosure law may be the solution troubled homeowners need 

      In May of 1968, Congress determined that a law was necessary that would require lenders to make certain disclosures when providing consumer financing.  This law became known as the Truth In Lending Act (TILA).  TILA was amended numerous times, most recently in 1996.  Although the Act may seem largely superficial at first glance, it contains within it certain remedies that provide significant relief to homeowners struggling with their current loan and predatory lending. 

      One specific provision of TILA involves the "Three Day Right To Cancel Notice".  Anyone who has completed a refinance transaction is likely familiar with the forms that disclose how and when a borrower can cancel their loan.  The law requires that each borrower receive two copies of this notice, and that the notice is properly filled out.  The challenge is that most loan signings are conducted by a notary public who may, or may not have training in completing this critical step.  The failure by the notary to follow the strict rules required by TILA results in the borrower getting defective notices.  The result of defective notices is an extended right to cancel period.  The three day period becomes three years.  So what happens then when a borrower cancels their loan a couple years after it closed?  TILA requires that the borrower receive all interest and costs associated with the transaction back!  This can, and often does translate into tens of thousands of dollars for the homeowner.  Of course there are certain conditions and requirements, but a skilled attorney practicing in this area should be able to assist in navigating the process.  Attorneys can be expensive, but TILA has an answer for that too, the lender is required to pay all legal expenses. 

      TILA has many other predatory lending applications, particularly in the mortgage arena.  To better understand the Act and how it applies to your situation it is best to seek legal advice.  When searching for the right attorney, it is important to find one with experience in the mortgage industry.  A mortgage transaction has several key players and events that need to be thoroughly understood to truly maximize the remedies available in TILA.  As could be said with most areas of legal practice, this is just not covered in law school and unfortunately for me, no refunds are given. 

Many homeowners are unaware that they can fight back against their lenders and win!
 
The Truth in Lending Act (TILA) is a very powerful tool in preparing a defense against your lender for violations of predatory lending law. If  simple violations of the TILA can be proved in your loan documents, then you can sue your lender. That's great news in a market where borrowers think they have no defense against big lenders with deep pockets.

Even though these issues may be be insignificant to you, they are very significant in bringing suit against your lender. A simple review of your loan documents can uncover these predatory lending law violations and save your home. Many consumers are tricked into signing documents they don't understand. These same documents  cleverly hide fees like the yield spread percentage (YSP) and charges. Does your loan have a prepayment penalty? Maybe your lender paid money to your mortgage broker and your weren't aware of this "kick back"?

If you are a victim of predatory lending or mortgage fraud, it's sometimes possible to have your mortgage voided and to apply 100 percent of your payments to the principal balance.

A broker or lender has a responsibility to you as your agent to discuss all possible loan options with you and inform you of the advantages and disadvantages of each. You should not be pressured into applying for a loan that is not suitable for your needs or ability to pay.  

If you or someone you know might be a victim then please seek a qualified mortgage law attorney immediately. You may be eligible to have a loan modification or your entire mortgage rescinded.

 

Below are just some of the issue we address for our clients. Whether you are the victim of predatory lending, need a loan modification, short sale or any foreclosure help then please call an experienced licensed legal professional that can handle your legal manners. This isn't something you want to take lightly.

SOMETIMES IT'S BEST TO HAVE AN ATTORNEY HANDLE YOUR MOST IMPORTANT "LEGAL ISSUES" . The lenders have an attorney, do you?

Here is what we will do for you for $1,500 and you can call for a free, no obligation consultation at 310-860-4764

INVESTIGATION OF POTENTIAL STATUTORY VIOLATIONS: Truth-In-Lending Act ("TILA"), Home Ownership Equity Protection Act ("HOEPA"), Real Estate Settlement Procedures Act ("RESPA"), Regulation Z, or State Law

We review your loan documents (the papers you signed when you applied for the loan and the papers you signed when you closed the loan). We investigate whether the information provided in those documents was accurate, truthful, and met the requirements of the applicable federal and state statutes.

We look to what the lender, broker, and agent told you about the loan. We focus on whether the loan you were told you were getting was actually the loan you received.

We determine whether there were violations of federal law which give rise to the right to rescind the loan. If we are successful in rescinding the loan, you may be entitled to receive back all of the interest paid on the loan, all of the points and fees paid to get the loan, all fees paid by you to the lender in connection with the loan, and statutory penalties. This allows you to get a new loan with a smaller principle, meaning that it is affordable.

LOAN MODIFICATION: Loss Mitigation

We review the terms of your current unaffordable loan and then look to your credit scores, income, assets, and other such factors to determine what mortgage payment you can afford. If it seems reasonable that the lender will work with you to alter the payment terms to make the loan affordable, we negotiate the terms of the modified loan.

If successful, you save the expenses of getting a new loan, get a loan that you can afford, and protect you credit scores.

NEW LOAN

If it is unlikely that the loan can be rescinded, and you are unable to modify the current loan to make it affordable, we look to whether you qualify for a new loan with more favorable terms. Attorney Nathan Fransen, Esq. has been an active mortgage broker, and owner of a mortgage brokerage, for years. If a new loan is indicated, he can help you find the right program.

No matter which lender or broker you choose, we also offer a review your loan terms and loan documents. Thus, before you sign, we will explain the type of loan and the charges. We can help you avoid being a victim of predatory lending.

PROPERTY SALE

If it is unlikely that your loan can be rescinded, and you are unable to modify your current loan to make it affordable, we determine the value of your property to see whether a sale would be in your best interest. If your property can be sold for enough to pay your current mortgage off, you can protect your credit scores, and move to a more affordable home. If the value of your property is less than your mortgage amount, we may recommend a short sale or deed in lieu.

If a sale is recommended, we are able to broker the sale, work out the best terms for you, and protect your rights during such a stressful transaction.

BANKRUPTCY

We do not practice bankruptcy law, but there are some cases where your only viable option is to file bankruptcy. If we look to the potential sources of relief and determine that bankruptcy is in your best interest, we will refer you to an experienced attorney who practices in that field.

LITIGATION: Court Action

Many of our clients have been victims of fraud, elder abuse, racially motivated lending practices, and other civil wrongs which entitle them to monetary relief. We represent plaintiffs against lenders, brokers, agents, and notaries.

Many homeowners are unaware that they can stop foreclosure if they are the victim of predatory lending. There are legal remedies and laws that can and will protect you if you act in a timely manner and you build a solid case against your lender or broker.

Don't become a victim twice and lose your home!

Here is what our law firm does to protect our clients when they are facing foreclosure:

THE ISSUES WE EXAMINE:

● Truth-In-Lending or Other Violations Giving Rise to Rescission

We review our clients' loan documents (the papers they signed when they applied for the loan and the papers they signed when they closed the loan). We investigate whether the information provided in those documents was accurate, truthful, and met the requirements of the applicable federal and state statutes. 

We look to what the lender, broker, and agent told our clients about the loan. We focus on whether the loan our clients were told they were getting was actually the loan they received.

We determine whether there were violations of federal law and predatory lending law which give rise to the right to rescind the loan. If we are successful in rescinding the loan, our client may be entitled to receive back all of the interest paid on the loan, all of the points and fees paid to get the loan, all fees paid by the client to the lender in connection with the loan, and statutory penalties. This allows our clients to get a new loan with a smaller principle, meaning that it is affordable.

● Loan Modification

We review the terms of our clients' current unaffordable loan and then look to our clients' credit scores, income, assets, and other such factors to determine what mortgage payment they can afford. If it seems reasonable that the lender will work with our clients to alter the payment terms to make the loan affordable, we negotiate the terms of the modified loan.

If successful, our clients save the expenses of getting a new loan, get a loan that they can afford, and protect their credit scores.

● New Loan

If it is unlikely that the loan can be rescinded, and the clients are unable to modify the current loan to make it affordable, we look to whether they qualify for a new loan with more favorable terms. Attorney Nathan Fransen, Esq. has been an active mortgage broker, and owner of a mortgage brokerage, for years. If a new loan is indicated, he can help his clients find the right program. 

No matter which lender or broker you choose, we also offer a review your loan terms and loan documents. Thus, before you sign, we will explain the type of loan and the charges. We can help you avoid being a victim of predatory lending.

● Property Sale

If it is unlikely that the loan can be rescinded, and the clients are unable to modify the current loan to make it affordable, we determine the value of the property to see whether a sale would be in their best interest. If the property can be sold for enough to pay the current mortgages owed, our clients can protect their credit scores, and move to a more affordable home. If the value of the property is less than the mortgage amount, we may recommend a short sale.

If a sale is recommended, we are able to broker the sale, work out the best terms for our client, and protect their rights during such a stressful transaction.

● Litigation (Court Action)

Many of our clients have been victims of fraud, elder abuse, racially motivated predatory lending practices, and other civil wrongs which entitle them to monetary relief. We represent plaintiffs against lenders, brokers, agents, and notaries.