Foreclosure in 94122>Question Details

J Mario Preza, Real Estate Pro in Burlingame, CA

What would you recommend to a homeowner who lost his house in foreclosure while attempting to modify the loan?

Asked by J Mario Preza, Burlingame, CA Thu Oct 28, 2010

I got a call from a past client seeking help to recover a house lost in foreclosure. He mentioned being in the process of modification directly with his bank, and that at no time those "helping" him mentioned the eminent event where the house would be sold at auction. He feels cheated, and wonders if there were any rules or regulations broken by the duplicitous lender. What would you recommend?

Help the community by answering this question:


Bev Smucha’s answer
The foreclosure is supposed to be stopped during the modification process; however, mistakes happen. Your
client would of received all the notices, and posting, and should of contacted the lender to advise them that
a modification was in progress. They could try contacting a attorney to see if something wasn't processed
correctly. I have heard of reversals, but rare.

Bev Smucha
Office: 415-565-4498
Direct: 415-585-03
1 vote Thank Flag Link Thu Oct 28, 2010
Please Review CA Senate Bill # 1275 ....It gives very specific terms of Lender responsibities during the Loan Mod process ... Good Luck ! ( Call me direct if you like 925-525-0976 )
0 votes Thank Flag Link Thu Oct 28, 2010
If your client is losing his home, his root problem is not the foreclosure process. I agree with the comments below, the client should investigate all options to try to save his home and make sure that it is not taken from him improperly. However, that's not solving his real problem. If he's anywhere near foreclosure, it's because he's stopped making payments, either on-time or at all. His REAL problem is either his ability or desire to make payments. Since real estate agents and mortgage loan officers are not qualified to work on these issues, I recommend that your client meet with a qualified financial planner to work out a family financial plan. Sometimes trying to keep the home is in the client's best interest, sometimes it's not. Best to get a professional to look at their financial situation.
0 votes Thank Flag Link Thu Oct 28, 2010
With my knowledge of how the foreclosure process works, it seems difficult to believe that anyone would not know that foreclosure was eminent, regardless of whether he was working on a loan mod or not. There is always a paper trail, and perhaps someone told him something that was contrary to the notices he was receiving, but you ALWAYS get something in writing if verbal contradicts written.

If he wants to pursue something, take what he has in writing, get an attorney who specializes in this area to give him a free initial consult, and see where that leads him. My guess is that will be nowhere.
0 votes Thank Flag Link Thu Oct 28, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer