loan modification: Loan Modifications - Can we Charge a Fee?
- 06/14/11 01:19 PM
I received an interesting call today. Caller: “We are a very small business helping people with loan modifications. Can we charge a fee?” Me: While I do not remember the exact date, I know it was well over one year ago, Governor Schwarznegger signed Senate Bill 94, making it illegal in California for any licensed or unlicensed persons to charge any upfront fees for loan modification services or other form of mortgage loan forbearance. When the Governor signed Senate Bill 94 the legislation took effect immediately. Caller: “Well, we are basically a credit repair company. Can we charge a fee?” Me: The authority … (12 comments)
loan modification: Loan Modification or Short Sale – Which is better for you?
- 03/25/11 02:41 PM
Loan Modification or Short Sale – Which is better for you? I listed a San Jose Short Sale on 1/13/2011. An offer was accepted on 1/22/2011. On 3/21/2011 we had verbal approval for the short sale. This is not a HAFA short sale. The seller is aware of the approval and agreed to the terms. Sometimes we get the formal approval letter in a day or so following verbal approval and other times it can take a week or so to get the letter. We know it is coming. Today, 3/25/2011 I received an email from the seller which stated: "I can only … (11 comments)
loan modification: San Jose Ca Loan Modifications and Short Sales
- 09/25/10 07:24 AM
Making Home Affordable - Dodd-Frank Certification Requirement New Supplemental Directive 10-11 states that borrowers are not eligible if they have been convicted of felony larceny, theft, fraud, or forgery; money laundering; or tax evasion in connection with a mortgage or real estate transaction within the last 10 years. Effective September 21, 2010 Servicers must obtain a Dodd-Frank Certification from borrowers as outlined in the new Supplemental Directive 10-11. The same requirements also apply to short sales and deed-in-lieu of foreclosure (DIL) offers under the Home Affordable Foreclosure Alternatives (HAFA) program. I’m curious as to how many felons would think twice about signing the certification. Given … (8 comments)
loan modification: A New Foreclosure Bill - Senate Bill 1275
- 06/08/10 03:28 PM
On Thursday, June 3, 2010, the California Senate approved a new foreclosure bill SB 1275. With a 21 to 12 vote, SB 1275 will be heard by the Assembly Banking Committee before it goes to the full Assembly for a vote. Sen. Mark Leno (D-San Francisco) and Senate President Pro Tem Darrell Steinberg (D-Sacramento) are the authors of SB 1275 which has provisions that are intended to discourage careless, negligent, sloppy, laidback behavior from servicers … ultimately designed to prevent California foreclosures which would otherwise be avoidable. SB 1275 would provide homeowners a means of recourse if the homeowner lost their home to … (4 comments)
loan modification: California Governor Schwarzenegger takes Action for Californian’s facing Foreclosure
- 10/14/09 09:05 AM
An emergency measure taken this week, Senate Bill 94 is effective immediately and will remain in effect through January 1, 2013. The action taken by California Governor Arnold Schwarzenegger was designed to prevent distressed homeowners from being taken by companies charging upfront fees for loan modifications and then abandoning them.
Senate Bill 94 prohibits foreclosure consultants, which includes attorneys who specialize in loan modifications and loan modification companies, from taking any compensation or fees before completing the service. This new law may likely cause many law firms and individual legal practitioners previously engaged in providing loan modifications services to close their doors. The … (4 comments)
loan modification: Mortgage Delinquencies on the Rise – Avoid Foreclosure
- 09/27/09 02:48 PM
Mortgage Delinquencies on the Rise – Avoid Foreclosure If you are one of the thousands of mortgage borrowers who added to the record high delinquency in August, then you definitely want to take action now and choose to sell your home and avoid foreclosure and/or bankruptcy. With unemployment on the rise, 7.6% of homeowners fell more than 30 days late on their mortgage payments in August 2009. Statistical data suggests that the current month over month rise in mortgage delinquencies is increasing. The numbers are staggering. Many homeowners feel overwhelmed and simply do not know what to do. The natural tendency for many is … (5 comments)
I received an interesting call today. 
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