National Mortgage Settlement

Since in or about 2007, when the "financial melt-down" began, many home-owners have experienced difficulty in paying their mortgage payments, and have fallen behind; some have even lost their homes to foreclosure.  

During the last several years, lenders, banks, and servicers have generally done little to assist struggling home-owners, which may have attributed to the immense increase in foreclosures and bank-owned properties; this not only hurts the home-owners, but the communities where these properties are located, and the economy as a whole.  The severity of this problem has prompted the United States Government to investigate the matter further.

Several large banks have stipulated or agreed to a consent judgment in order to avoid litigation; a portion of this settlement judgment obligates the respective banks to offer assistance, help, or compensation to their current and previous borrowers if they experienced a legitimate financial hardship, a foreclosure action was taken against them, or for other reasons as defined within the judgment.

For more information regarding this settlement, please go to: 

National Settlement

If your home is or was located in the state of California, then please also visit: 

California Settlement

If you have any additional questions regarding this settlement or related matters, please contact us by completing our "How Can We Help You?" questionnaire on our home page. 

Local Down Payment Assistance Programs

Do you believe that you cannot purchase a home because you have little or no down payment?  Have you been trying to save for a down payment, but find that it is taking longer that you thought?  What if there was a way to purchase a home with as little as 3.5 percent down, or 3 percent down, or even less money down; would you consider purchasing now?

Good news!  These options may be available for many buyers.  FHA financing requires as little as a 3.5 percent down payment; the entire down payment can be a gift from an acceptable donor.  Fannie Mae's "Home Path" program requires as little as a 3 percent down payment, and mortgage insurance is not required.  There are even local government sponsored programs that provide grants to borrowers who meet specific criteria.

If you are considering purchasing in the city of Los Angeles, then we would recommend that you visit the Los Angeles Housing Department's website at:

LAHD 

You can find information there about down payment assistance and other related programs.

We have a substantial amount of information about purchasing homes with little money down, and would be happy to help assist you with your search for a similar program; please contact us by completing our "How Can We Help You?" questionnaire on our home page. 

The Foreclosure Process

Have you received a notice from your lender indicating that you are in foreclosure?  Are you confused about what is happening and what to expect in the future?  

In California, most "mortgages" are actually deeds of trust, which involve three parties, and allow the neutral third party, or trustee, to foreclose upon the property without going to court (i.e. California is a non-judicial foreclosure state).  Although the lender does not generally have to go to court to initiate and complete the foreclosure process, they must comply with the applicable Civil Code.

In California, the foreclosure process is generally initiated with a Notice of Default (NOD), which a lender may generally issue after the debtor is more than 90 days behind on their mortgage payment (many lenders will issue this when the borrower is 120 days past due).  Then, no sooner than 90 days after the NOD is issued, can the lender issue a Notice of Sale (NOS).  No sooner than 30 days after the NOS is issued, can the lender conduct a trustee's sale.

The above referenced information is just a general and basic time-line of the foreclosure process in California; this is not always how things happen.  Complex matters may require legal advice from counsel; please remember that even attorneys have divergent opinions regarding situations, and  how you proceed is ultimately up to you.  If you plan to pursue your matter legally, it is generally a good idea to consult with more than just one attorney.

There are ways to prevent, slow down, and stop the foreclosure process; we would be happy to provide you with information regarding the foreclosure process, so that you can make the decision that works best for your needs.  If you have any additional questions regarding the foreclosure process in California, or related matters, please contact us by completing our "How Can We Help You?" questionnaire on our home page. 

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