Lenders Required To Offer Foreclosure Avoidance Options

Effective September 8, 2008, California has a new law on the books to help borrowers avoid foreclosure.  Section 2923.5 of the Civil Code requires all lenders to contact borrowers who obtained loans between January 1, 2003 and December 31, 2007 to discuss foreclosure avoidance alternatives before beginning the foreclosure process.


Until the lender has made a diligent effort to meet this requirement, the lender cannot take the first foreclosure step of filing a Notice of Default.


This law prevents borrowers from unexpectedly finding themselves in foreclosure.  In some cases the law may extend the time before a lender can file a Notice of Default by thirty(30)days or more.

 
If your lender has contacted you, this may be your first and best opportunity to take advantage of foreclosure avoidance solutions.  If requested, your lender is required by law to schedule a meeting within fourteen(14)days to assess your financial situation and discuss foreclosure avoidance options. 


Properly preparing for that meeting and avoiding unintentional disclosures that undermine your bargaining position is absolutely essential. LAWYERS LOAN MODIFICATION SERVICES can take the stress out of negotiating with your lender.  Having LAWYERS LOAN MODIFICATION SERVICES represent you will provide peace of mind knowing that your loan file is in good hands.


Do not risk making the wrong decision by handling such an important matter without competent legal representation.

LAW OFFICES OF DAVID ALTMAN IN SOUTHERN UTAH AND SOUTHERN CALIFORNIA

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Our business hours are from 9 AM to 5 PM Pacific Standard Time for California and 9 AM to 5 PM Mountain Standard Time for Utah. Should you contact us outside of those hours, one of our loan modification consultants will return your call during our regular office hours the following business day.