QUESTION: WHAT IS IT?
QUESTION: CAN IT HELP ME IF I AM LOSING MY HOME?
An abbreviated primer by Attorney Morton J. Grabel
THERE ARE MORE SOLUTIONS FOR HOMEOWNERS TODAY THAN THERE HAVE EVER BEEN
If you or someone you know is a home-owner, are behind on mortgage payments and are on the verge of foreclosure, there may be options in defending against a foreclosure by using the very same law, lenders use, but to the homeowner’s advantage including:
- Federal Laws that protect the homeowner including HAMP, HARP and HARDIST HIT FUND
- State Laws including the California Homeowner Bill of Rights (“HOBR”) that helps protect homeowners from foreclosure and lender abuses.
- *Criteria for (HOBR) : owner-occupied b. residential c. no more than four units
LEARN LAWFUL OPTIONS INCLUDING:
- Litigation: including injunctive relief (to halt the foreclosure), and (actual economic damages) if the foreclosure has already occurred and if there are lender violations such as breach of contract, fraud, negligence,* dual tracking [*while the loan modification is being considered a non-judicial foreclosure cannot occur] and statutory violations
- Litigation: may encourage a loan modification with a lower interest rate and/or principal reduction and/or extend the length of the term of the loan
- Bankruptcy: may be the right option [ Chapter 7 or Chapter 13] if it is needed to eliminate or reorganize debt
- A refinance: if the mortgage is not underwater, if one spouse or both have sufficient credit and income to qualify for a refinance if there is equity in the property
- A short sale: may be the right solution if there is not equity
- A forbearance plan: an agreement between the lender and the borrower wherein a certain portion of the mortgage is deferred for a period of time
- An exchange: of a deed in lieu of foreclosure
Please note the information identified above-and herein does not create an attorney-client relationship. Moreover, the information provided above and herein is general information and not legal advice nor shall it be relied upon as a particular answer to your particular legal needs.
*Disclosure* this office does not offer a loan modification service; although a loan modification may result from litigation.