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BEVERLY HILLS, Calif. - March 11, 2013 - PRLog -- Homeowner Bill of Rights

Homeowner Bill of Rights

California is the first state in the nation to pass a law protecting homeowners from lender practices which in the past has made it difficult for homeowners in default to get relief. Called the Homeowner's Bill of Rights, it includes five major points:



•"Dual tracking" by mortgage lenders/servicers is prohibited. This means that the foreclosure process may not be initiated or continued by recording a Notice of Default (NOD) or a Notice of Sale (NOS) under the following circumstances: (1) while a complete loan modification application is pending; (2) during any applicable appeal period following the initial denial of a loan modification application; or (3) while the borrower is in compliance with an approved loan modification agreement.



•Multiple representatives of mortgage lenders/servicers are prohibited. Upon a borrower's request for an alternative to foreclosure, the mortgage servicer must establish a "single point of contact" for all communications between the borrower and the servicer. This means that a single point of contact must be assigned to a borrower at the time of initial outreach efforts by the mortgage lender/servicer to explore foreclosure prevention alternatives with the borrower.



•Fees associated with loan modification applications are prohibited. A mortgage lender/servicer may not charge an application or processing fee for any foreclosure prevention alternative such as a loan modification. In addition, a mortgage lender/servicer cannot collect late fees while a foreclosure prevention alternative is being considered or a denial is being appealed.



•Recording "robodocs" of any kind is prohibited. All documents and supporting declarations filed with the county recorder's office must be accurate, complete and supported by competent and relevant evidence. A mortgage lender/servicer that engages in multiple and repeated violations of these requirements is subject to a regulatory penalty of $7,500 per mortgage or deed of trust.



•Borrrowers have a private right of action to file a civil lawsuit. Before a foreclosure sale is completed, the borrower may seek a court injunction to prevent the sale from moving forward. After a foreclosure sale is completed, the borrower may seek money damages incurred as a result of a "material violation" that was not corrected prior to the foreclosure sale. However, the mortgage lender/servicer may cure violations without liability up until the time of sale.

Liberty Bell Civil is a legal document preparation company comprised of one of the best Legal document preparation teams in the nation. Our staff has at least 40 years of combined experience in document preparation and real estate professionals with an impeccable track record. Unlike most of these companies, we offer multiple solutions. We give you the personalized attention you deserve, rather than promoting a specific product or service.

In the last decade, the economy, housing and credit sectors have taken such a dramatic toll, that almost no American has been left unaffected. As a result a large percentage of homeowners have fallen behind on their mortgage payments, and owe far more on their homes than they are worth. Homeowners have several options, and every option if not carefully considered first by professionals, and executed with successful Solutions for your personal situation, can have legal consequences, and long-lasting, negative impact for years to come.

We will gladly discuss any questions you might have about your own mortgage and/or default, or if would just like more information on the new Homeowners Bill of Rights.