Foreclosure Defense

30 Aug New Foreclosure Laws Take Effect September 6, 2008!

On September 6, 2008, most foreclosures in California will need to be conducted under the new requirements of California Civil Code 2923.5. This new code provision applies toloans made from January 1, 2003, to December 31, 2007, inclusive, that are secured by residential real property and are for owner-occupied residences.
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25 Mar Should I fight my Florida foreclosure? Yes!

foreclosure crisisHave you been served with a foreclosure? Here are your options: 1) Your mortgage servicer's loss mitigation department may provide you with a "reinstatement figure." If you pay it, the servicer will reinstate the mortgage and dismiss the foreclosure. This option typically has a couple of problems associated with it. First of all, the servicer will not be very cooperative, even if it promises you that the reinstatement figure is on the way. Even if you successfully obtain a reinstatement figure, you still must come up with the cash to pay the amount due to stop the foreclosure. (By the way, reinstatement figures often will include hundreds, if not thousands of dollars, in junk fees, such as a Broker Price Opinion, property inspections and other "property preservation expenses". These fees are often charged to the borrower whether or not the cost was actually incurred or the service actually performed.)
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06 May Read Those Documents At Closing!

Credit Slips notes that when Carissa Byrnes Hessick appeared as a guest blogger on Prawfsblawg, her post on closing on a house, and the comments to that post, amount to a mini-debate on pros and cons of reading contracts before you sign them. Professor Hessick was greeted with astonishment when she and her husband actually read everything presented to them for signing at closing on their home. The comments reveal some reasons why more people don't do that: it's socially awkward, time to read them is not built into the process, it's pointless for a non-lawyer to try to read them, and even "despair."
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