By: Jeena Cho
Just in the last 2 weeks, I’ve received at least a dozen or so inquiries from home owners, realtors and others about loan modification. We don’t do loan modification and most San Francisco loan modification attorneys I know has stopped doing them since new Civil Code Section 2944.7(a)(1) went into effect. In short, the law prohibits receiving money upfront to do loan modification. If anyone requires money upfront to do a loan modification, they are violating this law.
It is unfortunate that the banks seem more willing to take the loss on a foreclosure then to work with the homeowners and work out a loan modification. One solution that has been proposed is to give authority to the bankruptcy judges to modify the mortgage. This legislation has been shot down. It is one of the great ironies that bankruptcy judges can change the terms Continue Reading »
This is such valuable information, Jeena! People are getting so much misinformation these days.
I’m very hesitant about investing in a foreclosed property. On one hand it seems like a great deal, but on the other hand, I feel hesitant – like I should wait for awhile to see how the market pans out. I really need some expert advice on the topic