2013 LOSS MITIGATION UPDATE!
The new law (SB 900 / AB 278) was passed into law earlier this year and is effective January 2013. You can see a quick overview of the law by click on this link:
1. What does the law protect against? Here are the broad strokes:
- No dual tracking foreclosures
- Servicers must have single point of contact with borrower
- Servicer must halt foreclosure upon reeiving a completed loan mod package
- Servicer must acknolwedge receiot of documents from borrowers
- Denails of loan mods must be in writing with an opportunity for appeal
- There are injunctions available for materkal violations
- If borrower is prevailing party there is chance to seek attorney fees
- Up to $7,500 civil penalties may be assessed for robosigning
For more infromation or for a foreclosure consultation cliick here.