Private Mortgage Insurance Paying Underwater Borrowers
PMI Group, a private mortgage insurer, has announced that it will be paying some borrowers cash to stay in their homes. The goal of the program is to prevent mortgage defaults, which naturally cost the insurer. Through its subsidiary, Homeowner Reward, borrowers who are underwater on their homes and choose to participate in the program […]
Bank of America May Not Have Standing to Conduct Arizona Foreclosure
In early June, the Ninth Circuit Court of Appeals Bankruptcy Appellate Panel issued several decisions in similar cases dealing with the issue of whether lender has standing to prosecute a motion to lift the automatic bankruptcy stay. One of these cases, Sardana v. Bank of America, N.A., contains some interesting insights into the way Bank […]
Foreclosures Slowing Nationwide
Looking at the statistics for April 2011, the pace of foreclosures and trustee sale notices has slowed dramatically compared to last year. In Los Angeles the rate is down a full 17.41%. This slowing of foreclosures, however, does not necessarily mean less families are in trouble. Many still are. Rather, the slowing is likely indicative […]
Loan Modification Law Firms Continue to Prey On Struggling Homeowners
Two years ago another attorney and I filed the first Consumer Fraud complaint in Arizona against a California loan modification company. As a member of the California bar (as well as Arizona) I receive news from both states. California was quick to jump in and warn homeowners about the rampant loan modification scammers in the […]
The Anti-Deficiency Law and Rental Properties
I seem to get this question a lot and I always end up retyping the same answer via emails to potential clients or current clients. Therefore, let’s just settle this once and for all. Whether or not your property is your primary residence or used as a rental property, the anti-deficiency legislation applies with equal […]
Robo-Signing Problems in Arizona?
Some may recall when Bank of America halted all foreclosures nationwide last October after news began circulating that some servicers had employed shortcuts such as “robo-signing” during the foreclosure sale process. The problem for Arizona is that almost 100% of so-called “foreclosures” here are not really foreclosures at all. Rather, they are non-judicial sales initiated […]
Why am I doing Chapter 13?
This is a question I tend to get a lot from my clients who are in the middle of a Chapter 13. Most often, the question is from a client who otherwise qualified for a Chapter 7 but was intent on saving their home from foreclosure and decided to file under Chapter 13 to cure […]