Forclosure Law, stopping, fighting

Here is an item about fight foreclosure

RealEstateJournal | Family Goes to the Court House To Stave Off Foreclosure: "'I give him credit. He truly believes a banking institution did him a great wrong,' says Daniel Kalk, one of several lawyers who at various times represented Mr. Davet in the case. 'The funny thing is, some of the things he argued 10 years ago -- all of a sudden you see a federal court saying the same thing.'

A former jewelry-business owner, Mr. Davet and his wife, a former graphic-arts tutor, bought their home in 1978 for $150,000. As its value increased they borrowed against it. They made their mortgage payments, but on one loan, they allegedly made payments late -- 90 times, according to NationsBanc Mortgage Corp., which assessed the couple some $4,000 in late fees."

Can a homeowners association foreclosure

WAIS Document Retrieval: "1367.1. (a) A regular or special assessment and any late charges, reasonable fees and costs of collection, reasonable attorney's fees, if any, and interest, if any, as determined in accordance with Section 1366, shall be a debt of the owner of the separate interest at the time the assessment or other sums are levied. At least 30 days prior to recording a lien upon the separate interest of the owner of record to collect a debt that is past due under this subdivision, the association shall notify the owner of record in writing by certified mail of the following: (1) A general description of the collection and lien enforcement procedures of the association and the method of calculation of the amount, a statement that the owner of the separate interest has the right to inspect the association records, pursuant to Section 8333 of the Corporations Code, and the following statement in 14-point boldface type, if printed, or in capital letters, if typed: 'IMPORTANT NOTICE: IF YOUR SEPARATE INTEREST IS PLACED IN FORECLOSURE BECAUSE YOU ARE BEHIND IN YOUR ASSESSMENTS, IT MAY BE SOLD WITHOUT COURT ACTION.'"

Loss Mitgation - deed in lieu - fannie mae

Affordable Housing & Community Development: Resources for Homeowner Educators: Loss Mitigation Policies: "In Resources for Homeowner Educators

Loss Mitigation Policies

Predatory Lending

Loss Mitigation Policies

There are alternatives to foreclosure. The options made available to your clients by a servicer will depend not only on their own circumstances, but on the type of mortgage they have. For an FHA or VA mortgage, possible foreclosure alternatives are set by those respective federal agencies -- the U.S. Department of Housing and Urban Development for FHA loans and the Veterans Administration for VA loans.

To determine whether your client has a Fannie Mae loan, contact the servicer. Or, you (the housing educator/counselor) may contact the Fannie Mae Resource Center at 1-800-7FANNIE (1-800-732-6643) and provide your client's property address.

If your client has a Fannie Mae loan, the servicer may discuss the following options -- again, depending on your client's situation:

Alternatives to foreclosure when your clients can afford to keep the home
Sometimes your clients may experience a temporary reduction in income or financial hardship, such as an illness. When this happens, they may temporarily be unab"

Court Rulings Expected To Impact Foreclosure Filings | Foreclosed Homes Articles

This may not be totally on point in California as we have deeds of trust - but is something to talk about with your San Diego Foreclosure attorney

Court Rulings Expected To Impact Foreclosure Filings | Foreclosed Homes Articles: "The suit filed by the Wells Fargo Bank to foreclose on a North College Hill home was reported to witness the similar ruling by Common Pleas Judge Steven E. Martin in Hamilton County. The reason behind the ruling was again the weak proofs put forward by the bank’s lawyer to prove the mortgage ownership of the bank.

In a letter written by Martin to the lawyer of the bank mentioned that the plaintiff failed to justify its interest in the real estate property. The letter also warned the bank’s legal advisory firm, which is third highest in filing foreclosure suits, to come up with strong evidences in the future, while filing a case for the foreclosures.

The actual issue with the real estate mortgages is that the identity of the true mortgage owner is not known in most of the cases. These mortgages are sold from one hand to the other and thus, the banks are not the true owners of the mortgages. This is the reason that puts the banks in the hard situations."

foreclosure

Eli Broad said on CNBC today. (he is he founder of KB home.) He seemed especially animated when the conversation turned to the current state of the real estate market.

We are on a financial train wreck. Millions will lose their home.
Recession will come because of the foreclosures. He said that homeowners who are upside down are going to act more like renters than owners and this is going to cause a great deal of problems in he markets. He suggested it could take 3-4 years to work out.

Deed in Lieu of Foreclosure vs. Short sale

Short sales and Foreclosure Solutions: Taxes on real estate short sales and foreclosure: "Q 11. How is a deed in lieu of foreclosure treated? A For non-recourse debt, the amount 'realized' is the balance of the loan. This means the borrower will have capital gain or loss, but will not have debt relief income. For recourse debt, the borrower can have both capital gain or loss, and debt relief income. The result depends on whether the value of the property is more or less than the loan balance. For recourse debt, the loan balance or the property value, whichever is less, will be used in calculating capital gain or loss, and the borrower will be liable for debt relief income tax on the loan balance minus the property value."

san diego foreclosure attorney

Short sales and Foreclosure Solutions: California Home Equity Sales Act

the above is a link to the home equity sales act. A california law which real estate lawyers, realtors and investors need to know.