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Loan Mod/Foreclosure Sale
Desiree,
The Homeowners Bill of Rights created several laws concerning "dual
tracking." These laws generally state that a lender cannot pursue
foreclosure while a complete loan modification packet is under review. The
subjective aspect is in the definition of "complete" due to the information
a lender may request.
The other problem with this is that the homeowners cannot submit a
completed packet on the eve of foreclosure and expect it to stop. The
servicer needs time to review the packet.
See attached power points for additional resources.
Christine
Christine A. Kingston, Esq.
Law Office of Christine A. Kingston
5011 Argosy Avenue, Suite 3
Huntington Beach, CA 92649
Office: 714-533-9210
Fax: 714-489-8150
Email: attorneychristine@gmail.com
Blog: www.losangelesbankruptcylawmonitor.com
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Depending on what part of the foreclosure process the loan modification was initiated may or may not stop the sale, a bankruptcy will stop the sale, a HBOR State Action with Request for TRO will stop the sale if the State Court will grant the injunction. If you file a Ch 13 the debtor can continue to work on the loan modification and stop the foreclosure. HBOR does not apply in bankruptcy, only State Court.
Law Office of Catherine Christiansen
Certified Specialist, Bankruptcy Law, The State Bar of California Board of Legal Specialization.
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Can someone help me with this quick question. I have a PC that has a
foreclosure sale scheduled for Wednesday, but she is the middle of a loan
mod application (they are waiting to hear from the lender). I thought that
this was not allowed. Or am I mistaken?
Thanks!
Desiree Causey, Esq.
Law Office of Desiree Causey
7755 Center Avenue, Suite 1100
Huntington Beach, CA 92647
714-372-2225 (phone)
714-908-7646 (same fax number)
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