Foreclosure

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 to loans made from January 1, 2003, to December 31, 2007, inclusive, that is secured by residential real property and are for owner-occupied residences.

This law is aimed to stop the widespread foreclosures across the State of California by requiring Lenders to attempt workouts and modifications of existing mortgages. Failure of a lender to make such attempts could result in that lender’s inability to ...
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posted by MORTGAGE AUDIT SERVICE December 15, 2008 11:35 PM

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A Loan Audit Can Show that Foreclosure Isn't Appropriate

When you are working with clients who come to you because they are facing foreclosure, one of the things that you are going to want to think about is what you can do to address the situation. As a lawyer, you're going to want to be sure that you are turning to loan audits, loan auditors and those processes that are going to be able to bring it all together. Ultimately, what you are looking for when you have a loan audit performed is the ability to show that foreclosure ...
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posted by MORTGAGE AUDIT SERVICE December 09, 2008 1:43 AM

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Bailout Won't Stop Foreclosures

Mike Calhoun

President, Center for Responsible Lending

September 22, 2008
The government plan announced by Treasury Secretary Paulson and Fed Chairman Bernanke fails to deal with the root cause of the crisis -- families in foreclosure -- and instead is purely and simply a bailout of the lenders who created this disaster. The bailout will not solve our economic problems because it will do virtually nothing to stop the foreclosure epidemic. Continuing foreclosures will drag down the economy even further.

A truly comprehensive plan must also benefit ordinary, hard-working Americans, the ones who already ...
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posted by MORTGAGE AUDIT SERVICE September 28, 2008 9:42 PM

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Foreclosure Defense

Stated Income Loans, Income Overstated and TILA Rescission

June 1st, 2008
“Article written by one of the most knowledgeable Attorneys’ in this area of law”

Remember that rescission doesn't mean you give back the house. It doesn't even mean you have to give back the money to the lender against whom you are rescinding --- THAT obligation commences AFTER the lender admits to the rescission or it is otherwise decreed and then it is reduced by the refunds of points, interest, closing costs you paid plus damages and attorney fees you ...
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posted by MORTGAGE AUDIT SERVICE August 24, 2008 9:25 PM

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