California Homeowners Bill of Rights
Posted: Tue Aug 14, 2012 5:01 pm
Under the National Mortgage Settlement the lender cannot exclude someone because they are in bankruptcy but they are not required to modify their loan. This information is from Kathleen Porter, California Monitor of the National Settlement, California Attorney General's Mortgage Settlement and New Homeowners Bill of Rights. For more information you can go to https://www.mortgageoversight.com/
Catherine Christiansen
h you can't see Him, GOD
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To: cdcbaa@yahoogroups.com
Sent: Tuesday, August 14, 2012 3:56 PM
Subject: Re: [cdcbaa] California Homeowners Bill of Rights
Under the Mortgage Settlement & California Commitment Agreement Effective 03/01/2012, allows for loan mods in bk and the Single Point of Contact [SPOC] must be familiar with bankruptcy and the stay.
The Homeowner Bill of Rights is designed for a fair and transparent process of foreclosure. It is not about having a particular outcome. The Homeowner Bill of Rights would naturally set aside those borrowers in bankruptcy because of the Automatic Stay injunction being imposed, rather than a civil injunction.
So, your client(s) would be seeking a loan modification under the Settlement Agreement.
Christine
On Tue, Aug 14, 2012 at 2:01 PM, Paul Horn wrote:
>
>Does anybody know if it is true that California Homeowner Bill of Rights set to take effect on 1/1/2013, will prejudice bankruptcy homeowners (borrowers) seeking loan modifications because of the mere fact that the borrowers filed bankruptcy takes them out of this Bill?
>
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>Definition of a borrower under this is a passage of the law for above question:
>"A "borrower" under this law must generally be a natural person and potentially eligible for a foreclosure prevention alternative program offered by the mortgage servicer, but not someone who has filed bankruptcy, surrendered the secured property, or contracted with an organization primarily engaged in the business of advising people how to extend the foreclosure process and avoid their contractual obligations (CC 2920.5(c)). "
>
>
>Thanks
>
>Paul Horn
>Attorney at Law
>Certified Public Accountant
>850 E. Las Tunas Drive
>San Gabriel, CA 91776
>800-380-7076
>
>
Christine A. Wilton, Esq.
Law Office of Christine A. Wilton
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Email: attorneychristine@gmail.com
Web: www.attorneychristine.com
Blog: www.losangelesbankruptcylawmonitor.com
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