In January 2014, the federal government released new rules and regulations for RESPA (Real Estate Settlement Practices Act) which governs mortgage servicers — the companies that send you bills, take your payments, figure (or mis-figure) escrow, and the companies that handle loan modifications and foreclosures. These include Bank of America, Chase, CitiMortgage, Ocwen, and Wells Fargo as well as smaller companies.
These new rules fundamentally change the whole situation with your mortgage company — these new rules give you a… (Read more)
The short answer is “Yes” as particularly since January 2014 there are new rules in place that for the first time give you real rights in modifying your loan and stopping a foreclosure. We were able to stop foreclosures in the past by suing the mortgage companies (your mortgage gives you the right to do this) but now we have much better tools with the new RESPA, which is a federal law.
In the past, many homeowners thought the only… (Read more)
How’s that for a direct answer?
I know it is a terrible idea to hire a loan modification company — whether in state or out of state. You can either modify your own loan or hire an Alabama foreclosure defense lawyer to help you but don’t send your money to some non lawyer company that swears it will get your loan modified.
This area of the law is rampant with scam companies. I’ve had dozens of people in my… (Read more)
The FCRA (Fair Credit Reporting Act) prohibits false credit reporting of any type. We recently filed a case against Bank of America, Experian, and TransUnion (two of the major credit reporting agencies).
You can read the facts below that were alleged in Federal Court but here is a summary.
Our client was foreclosed on by Bank of America and there was no further debt owed. Several years after the foreclosure Bank of America starting reporting that our client owed the… (Read more)
If you have been foreclosed, then a bankruptcy (any type) will not undo the foreclosure. But a chapter seven (7) bankruptcy can minimize any further damage to you. It is not always the right option but it can be a very smart move to make in the right circumstances.
Let’s take a look at this situation.
“I’ve been foreclosed, what other bad things can happen with my house and loan?”
The foreclosure means that now your mortgage company owns your… (Read more)
Bankruptcy is an option — we’ll talk about whether it is a good option or not — to stop a foreclosure that has not yet happened and it is something to be considered.
Let’s go through this together.
First, a bankruptcy will only stop a foreclosure if the foreclosure has not yet happened.
A bankruptcy can stop a foreclosure but it does not reverse a foreclosure. Sometimes we get calls from folks who have already been foreclosed — and usually… (Read more)