SHOULD YOU HAVE YOUR NEW LOAN DOCUMENTS REVIEWED BY AN ATTORNEY?

If you’ve even been half paying attention to the media coverage on mortgage litigation lately, you have probably heard about getting a loan document “audit.” This is where you pay thousands of dollars to some self-titled called forensic loan auditor to prepare a nonsensical report that identifies de minimis technical violations in your stack of loan documents from a loan you did five years ago – a report that you are told to take to an attorney and sue your lender into submission to get the loan modification that you deserve. You know that one? Well, that’s not what this article addresses. What this article does address is the question of whether it’s worth having a competent knowledgeable and qualified attorney explain the complex language of your loan documents to you before you sign on the line which is dotted. Five years ago people did not even blink at the fact that their loan officer got huge amounts of money for selling them a predatory loan.  Continue reading

SHORT SALE VERSUS FORECLOSURE

This article discusses California foreclosure laws in very general terms and omits many specific nuances which may make such laws inapplicable to you. California foreclosure laws are complex and every-changing. Thus, only an extremely large textbook would even begin to explain their intricacies. The following is presented just to provide you with a very basic foreclosure and short sale education.  Continue reading

WHEN IS A SHORT SALE BENEFICIAL?

As was covered in another F&M’s post, in California purchase money loans on primary residences are considered non-recourse which means that in certain instances, the only thing a lender can do to a nonpaying borrower is take the home, and that borrower faces no personal liability for the debt. However, many California

homeowners have taken cash out of their homes through refinancing and home equity lines of credit. Such cash-out borrowers do not enjoy complete immunity from personal liability.  Continue reading

CREDIT SCORES – WHY SHOULD YOU CARE?

For the last decade the media has pounded into the heads of American consumers that having a high credit score is the key to financial success. It should come as no surprise that the funding for all those commercials and PSA’s came from lenders, both mortgage companies and credit card providers. Of course lenders want people to pay their debts, and by creating a false pride in the “scores,” those debts have a better chance of getting paid.  Continue reading