In mid July Governor Schwarzenegger signed a hopeful new loan modification law that would help handle the current California Housing crisis. The law states that lenders must properly contact borrowers by phone or in person discussing possible loan modifications before proceeding with any foreclosure process.
What does this mean for you?
This law will help make loan modifications and adjustments more readily available to those in trouble. To be honest, there are a good percentage of homeowners who have never even heard of loan modifications. What this also means is that if you are facing foreclosure and the lender did not comply with the California State law while processing the foreclosure, the foreclosure may be invalid and they have to start all over or may incur a liability on their part.
If you're currently in foreclosure, give me a call and I'll look at your foreclosure paperwork and let you know what your options are. You can also visit www.OCForeclosureOptions.com and enter your information for a free consultation.
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