California, April 13 20015: Every day, thousands of homeowners in California face foreclosure. The foreclosure laws in California require lenders to send a notice of foreclosure to a borrower who defaults on a loan. For those home owners who have received a notice of default or notice of trustee sale, it is best to call a foreclosure attorney to find a solution to stop the trustee sale.
There are several ways of stopping a foreclosure. Home owners can apply for a loan modification, short sale, deed in lieu, or a forbearance agreement directly with the lender and that should stop the foreclosure process; at least temporarily. Home owners can also file a bankruptcy to immediately stop a foreclosure sale.
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If the lender is not offering any alternative to foreclosure or any type of hardship assistance, Consumer Action Law Group foreclosure lawyers will research the home owner’s case to see if it makes sense to take legal action to save their home. Lenders are required to follow the California foreclosure laws very strictly and to give borrowers the opportunity to pursue alternatives prior to selling a home at auction.
In January 2013, Governor Gerry Brown enacted the Homeowner Bill of Rights [SB 900] to help borrowers in California to avoid foreclosure. The law was designed to stop predatory lending practices that were allowing lenders to foreclose without first trying to help borrowers in distress. Governor Brown himself had this to say – “People should not have to suffer due to the abusive tactics of lenders who would push a foreclosure behind an unsuspecting homeowner’s back”.
Here are the benefits of the California Homeowners Bill of Rights:
1. Prohibits Dual Tracking: Lenders cannot move forward with foreclosure without first contacting a borrower and offering an alternative. Lenders cannot continue with the foreclosure process while simultaneously offering to provide an alternative [such as a loan modification, short sale, deed in lieu, or a forbearance agreement].
2. Requires a single point of contact with homeowners in loan modification negotiations.
3. Expands notice requirements to borrowers prior to taking action or pursuing foreclosure.
4. Allows injunctions against foreclosure violations to be corrected and permits civil penalties against servers who file multiple, inaccurate mortgage documents or engage in willful or reckless procedural violations.
Federal laws are also in place to protect borrowers against unfair lending practices that are associated with residential mortgages:
1. TILA (Truth in Lending Act)
2. HOEPA (Home Ownership & Equity Protection Act)
These laws allow borrowers to sue lenders for money damages. That includes a refund on any financing costs that borrowers have paid. These laws also let home owners cancel the mortgage under specific circumstances [although extremely rare].
Filing a lawsuit requires violations of the law that are serious enough to warrant a judge to take action. Inconsequential errors are typically not actionable. To put it simply, if the violation of the lender did no harm to borrower, there may not be any actual damages. An experienced foreclosure attorney will be able to advise on issues that borrowers may not realize give cause for a lawsuit. The foreclosure lawyers at Consumer Action Law Group take the time to research home owners’ claims to see whether they have a case or not. For anyone facing foreclosure, it is best to call Consumer Action Law Group and talk to one of their foreclosure lawyers for free, just to know what options are available.
Consumer Action Law Group can help California residents to stop foreclosure. On the first call, Consumer Action Law Group can stop a foreclosure sale immediately.
About Consumer Action Law Group:
Consumer Action Law Group is a law firm dedicated to help consumers in financial-related matters or consumers that experienced fraud or scams. Attorneys on the team are knowledgeable and experienced in the areas of eliminating debt, mortgage fraud, auto fraud, and foreclosures. They have direct experience in consumer fraud matters helping consumers who are facing foreclosure, abuse by employers, and scams by car dealers and lenders.