PRLog (Press Release) – Apr. 15, 2013 – Attention Homeowners!! Nationwide Law Center is pleased to announce that President Obama is continuing with the Making Home Affordable Program ® which is now extended until December 31, 2013. If you are struggling to make your mortgage payments or have fallen behind, DO NOT wait until it is too late, work with Nationwide Law Center to see what your options are. At Nationwide Law Center we understand that every case is unique needs to be handled in a timely manor. Let our team of professionals evaluation your situation and discover which programs that you and your family may be eligible for. Some of the Making Home Affordable® Programs include:
• Home Affordable Modification Program
• Principal Reduction Alternative SM
• Second Lien Modification Program
• FHA Home Affordable Modification Program
• USDA’s Special Loan Servicing
• Veteran’s Affairs Home Affordable Modification
• Home Affordable Foreclosure Alternatives Program
• Second Lien Modification Program for Federal Housing Administration Loans
• Home Affordable Refinance Program
• FHA Refinance for Borrowers with Negative Equity
• Home Affordable Unemployment Program
• Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets
Nationwide Law Center has been connecting communities, clients and people nationwide. We are a network of Attorneys and Legal Professionals that have come together to protect our clients best interest. We are a law group dedicated to protecting you and and what matters most. We bring a business approach to legal services. Our team of innovative professionals create solutions to any problem. We guide you through these sensitive times. Nationwide Law Center is a full service law firm, specializing in real estate, business, and personal service law.
Nationwide Law Center is comprised of a team of seasoned and expert attorneys in all fifty states, as well as District of Columbia, providing a wide scope of legal services pertaining to our clients’ needs.
Nationwide Law Center provides expert counsel, aggressive representation, personal attention and over twenty years of experience in the practice of law. Our problem solving approach to individual and business needs offers cost-effective results-driven legal representation. We dedicate ourselves to keeping our clients informed and protected throughout the representation process.
Nationwide Law Center is readily accessible to provide sound advice based on our knowledge and experience to solve a problem at an early stage and avoid time consuming and costly litigation. If litigation is necessary we provide aggressive representation in state and federal courts, and before administrative agencies.
Get real help, real answers, right now. Whether your home value has fallen, you owe more than your home is worth, you’re experiencing financial setbacks or you’ve become unemployed, contact Nationwide Law Center and see how we can help.
Attorney general Kamala Harris signed off on the six proposed laws that could help consumers and communities cope with the state’s current foreclosure crisis. According to Harris, the six proposed bills would guarantee basic fairness and transparency for homeowners and improve the mortgage process for everyone.
“California communities and families are being devastated by the mortgage and foreclosure crisis. We must ensure the deceptive practices that caused it never happen again,” Harris said.
The first bill, called the Foreclosure Reduction Act of 2012, would require servicers to provide documentation to a borrower that shows they have the right to foreclose on a property before filing a notice of default. Other information that servicers would have to present a borrower when performing the first step of the foreclosure process is evidence of ownership and chain of title.
The Foreclosure Reduction Act, introduced by assemblymen Mike Eng and Mike Feuer and Sens. Mark Leno, Fran Pavley and Senate president pro Tem Darrell Steinberg, would end dual-track foreclosures in which homeowners who are paying down mortgages modified by the banks are still foreclosed on due to conflicting information coming from the banks.
This bill would prohibit servicers from recording a notice of default when a loan modification is pending and stop them from recording a notice of sale while a borrower is in compliance with the terms of a loan modification. Servicers would be forced to disclose why an application for a loan modification or other loss mitigation measure has been denied.
A final part of the Foreclosure Reduction Act is that notices of foreclosure sales need to be personally served to the borrower, including notices of foreclosure sale postponement.
Sens. Mark DeSaulnier and Pavley along with assemblywoman Holly Mitchell formed the due process reform legislation that would require servicers to provide borrowers involved in the foreclosure process a single point of contact. Servicers would be required to provide an email address, facsimile number and mailing address for borrowers to submit information that is requested for a loan modification, short sale or other loss mitigation option.
Any servicer that files “robosigned” documents—information that was not verified for accuracy by the person notarizing the statement—would also be imposed with a $10,000 penalty as part of the due process reform legislation. Through this bill, certain documents would have to be filed in a county recorder’s office.
The Blight Prevention Legislation, created by assemblywoman Wilmer Carter and Pavley, will stop enforcement action from being taken against buyers of blighted properties for 60 days as long as repairs are being made to the home.
This legislation would increase fines against owners of blighted properties from $1,000 to $5,000 per day. Additionally, banks would be required to inform local code enforcement agencies of any liens placed on foreclosed properties, therefore facilitating the demotion process.
A fourth bill called the Tenant Protection Legislation, formed by assemblywoman Nancy Skinner and Sen. Loni Hancock, would provide tenants at least 90 days of notice before any eviction proceedings happen. The bill also would require purchasers of foreclosed homes to honor the terms of existing leases.
Another part of this proposed legislation is the enhancement of attorney general enforcement. Assemblyman Mike Davis authored this bill, which would impose against servicers a $25 fee every time they record a notice of default. This fee would go towards supporting a trust fund that helps the AG’s office stop, investigate and prosecute real estate fraud crimes.
A second part of this enforcement bill extends the statute of limitations from one year to four years from the date of discovery for violations of law commonly occurring in connection with foreclosure-related scams, including acting as a real-estate agent without a license and charging up-front fees for loan modification services.
Lastly, Davis and Hancock introduced the Attorney General Special Grand Jury Bill, which would authorize the AG to impanel a special grand jury to investigate and indict financial crimes against the state in multiple jurisdictions.
Harris said these legislation bills build off of the $25 billion national settlement that was reached in early February between 49 state AGs, including herself, and the nation’s five largest servicers ending abusive foreclosure practices that occurred during the housing crisis. According to Harris, the proposed bills, if enacted, would apply permanently to all state mortgages and is expected to generate $18 billion in benefits for California homeowners.
“Our state has suffered greatly as the result of bad actors in the banking and financial industries, and this settlement holds them accountable as we continue the difficult work of recovering the housing market and stemming the tide of foreclosures, evictions and auctions,” said John Perez, state assembly speaker.
President Barack Obama on Tuesday announced a cut in fees on many government-backed mortgages that he said could help millions of homeowners refinance, part of an election-year push to boost the shaky housing market.
Under the plan, a typical borrower with a loan backed by the Federal Housing Administration could save a thousand dollars a year by refinancing into a new FHA loan, the White House said. The fee reductions would be on top of any savings from a lower interest rate.
Two million to three million borrowers would be eligible, although the White House said participation would more likely number in the “hundreds of thousands.”
The step is the latest in a series by the Obama administration to aid a depressed U.S. housing market and homeowners threatened by a rising tide of foreclosures. About 11.1 million Americans now owe more than their homes are worth.
“I’m not one of those people who believe that we just sit by and wait for the housing market to hit bottom,” Obama said at a news conference. “There are real things we can do right now that would make a substantial difference in the lives of innocent, responsible homeowners.”
Obama, who faces re-election in November, introduced the cut in mortgage fees alongside efforts to compensate members of the military who may have been wrongfully foreclosed.
The lower loans fees being put in place would be available to borrowers seeking a new loan through FHA’s streamlined refinancing program, and even borrowers who owe more on their mortgage than their house is worth would be eligible.
Under the streamlined program, borrowers must be current on their payments and income verifications and appraisals are waived. The reduced fees announced today would be available to borrowers who are refinancing loans taken out before June 1, 2009.
Of the 5.4 million 30-year fixed-rate mortgages the FHA backs, 3.2 million would not be eligible because they were issued after the June 1, 2009 cut off date, according to Mahesh Swaminathan, an analyst at Credit Suisse Group AG.
“This should be broadly positive for housing and the economy by reducing foreclosures and freeing up income for consumers to spend on other goods and services,” Jaret Seiberg, senior policy analyst with Guggenheim Securities, wrote in a note to clients.
The biggest banks, such as Wells Fargo & Co. (WFC.N), Bank of America Corp (BAC.N) and JPMorgan Chase & Co. (JPM.N), are likely to see an uptick in refinancing volume, which could mean increased income from fees related to FHA mortgages, he wrote.
While mortgage rates are at historic lows around 4 percent, many Americans lack the equity to refinance. Others are locked out by tight credit conditions.
Obama has announced several changes to the administration’s housing policies this year to help borrowers, including an expansion of an existing mortgage relief program that had failed to reach as many homeowners as hoped.
The latest plan, which does not need congressional approval, reduces the cost of up-front FHA mortgage insurance premiums to 0.01 percent from 1 percent of a borrower’s loan balance. It also cuts the annual fee for these loans in half to 0.55 percent.
Many FHA borrowers have found refinancing prohibitive in recent years because of increased insurance premiums. The administration has been raising fees for FHA loans to shore up the agency’s dwindling capital and shrink its footprint in the market. The FHA backs about a third of all new mortgages.
(Reporting by Margaret Chadbourn; Editing by Andrew Hay)
Welcome to Nationwide Law Center in Costa Mesa California. We are here to support and fight for you. We can help you with any financial issue you may be having. If it has been hard to make your mortgage payments in these past few years and you are looking for a solution, we can help! Let us give you a free analysis of your situation and see what the right move is to secure your future.
Bankruptcy is a legal status of an insolvent person or an organization, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor.
Bankruptcy is not the only legal status that an insolvent person or organization may have, and the term bankruptcy is therefore not the same as insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings, for example liquidation and administration, are applied to companies. In the United States the term bankruptcy is applied more broadly to formal insolvency proceedings.
In Chapter 13, the debtor retains ownership and possession of all of his or her assets, but must devote some portion of his or her future income to repaying creditors, generally over a period of three to five years. The amount of payment and the period of the repayment plan depend upon a variety of factors, including the value of the debtor’s property and the amount of a debtor’s income and expenses. Secured creditors may be entitled to greater payment than unsecured creditors.
Relief under Chapter 13 is available only to individuals with regular income whose debts do not exceed prescribed limits. If you are an individual or a sole proprietor, you are allowed to file for a Chapter 13 bankruptcy to repay all or part of your debts. Under this chapter, you can propose a repayment plan in which to pay your creditors over three to five years. If your monthly income is less than the state’s median income, your plan will be for three years unless the court finds “just cause” to extend the plan for a longer period. If your monthly income is greater than your state’s median income, the plan must generally be for five years. A plan cannot exceed the five-year limitation.
In contrast to Chapter 7, the debtor in Chapter 13 may keep all of his or her property, whether or not exempt. If the plan appears feasible and if the debtor complies with all the other requirements, the bankruptcy court will typically confirm the plan and the debtor and creditors will be bound by its terms. Creditors have no say in the formulation of the plan other than to object to the plan, if appropriate, on the grounds that it does not comply with one of the Code’s statutory requirements. Generally, the payments are made to a trustee who in turn disburses the funds in accordance with the terms of the confirmed plan.
When the debtor completes payments pursuant to the terms of the plan, the court will formally grant the debtor a discharge of the debts provided for in the plan. However, if the debtor fails to make the agreed upon payments or fails to seek or gain court approval of a modified plan, a bankruptcy court will often dismiss the case on the motion of the trustee. Pursuant to the dismissal, creditors will typically resume pursuit of state law remedies to the extent a debt remains unpaid.
In Chapter 11, the debtor retains ownership and control of assets and is re-termed a debtor in possession (“DIP”). The debtor in possession runs the day to day operations of the business while creditors and the debtor work with the Bankruptcy Court in order to negotiate and complete a plan. Upon meeting certain requirements (e.g. fairness among creditors, priority of certain creditors) creditors are permitted to vote on the proposed plan. If a plan is confirmed the debtor will continue to operate and pay its debts under the terms of the confirmed plan. If a specified majority of creditors do not vote to confirm a plan, additional requirements may be imposed by the court in order to confirm the plan. Debtors filing for Chapter 11 protection a second time are known informally as “Chapter 22″ filers.
Chapter 7 and Chapter 13 are the efficient bankruptcy chapters often used by most individuals. The chapters which almost always apply to consumer debtors are chapter 7, known as a “straight bankruptcy”, and chapter 13, which involves an affordable plan of repayment. An important feature applicable to all types of bankruptcy filings is the automatic stay. The automatic stay means that the mere request for bankruptcy protection automatically stops and brings to a grinding halt most lawsuits, repossessions, foreclosures, evictions, garnishments, attachments, utility shut-offs, and debt collection activity.