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Are You a California Wrongful Foreclosure Victim?

Hundreds of Thousands Foreclosed in 2013 are owed $50,000 or more

Are you a victim?

(Legal Advisory)

Recently enacted California legislation allows you to file a lawsuit against your mortgage servicer for damages if the following applies:

• You lived in the foreclosed home at the time of foreclosure
• The actual foreclosure took place after January 1, 2013
• You requested a loan modification OR
• You were attempting to short sale your home prior to foreclosure

If you meet these requirements and feel you are a victim of a California wrongful foreclosure- Call us now. You are likely entitled to damages and, if the foreclosure was willful, you are entitled to the greater of treble damages or $50,0000 or more. California Civil Code §2920.5-2924.20.  Find out if you are entitled to damages by calling us now to avoid delay in collecting your damages. Call for a FREE Consultation with a California Mortgage Lawyer at one of our offices near you.

California’s recently enacted Homeowner Bill of Rights gives homeowners much needed relief in dealing with underwater mortgages. Just as important, the California Homeowners’ Bill of Rights provides redress to homeowners who lost their home to foreclosure in 2013 after falling victim to so-called dual-tracking by the mortgage servicer. The purpose of the law is to provide homeowners with the time they need to explore foreclosure prevention alternatives, such as a loan modification without losing the home to foreclosure during the process.

In response to California wrongful foreclosure, the California Homeowner Bill of Rights was designed because too many services engaged in dual-tracking, where the servicer would process a borrower’s request for a loan modification yet continue to push forward with the process of non-judicial foreclosure through a trustee’s sale. Even thought the homeowner had applied for a loan modification, the servicer would continue the foreclosure process.  The homeowner would then, not be given adequate time to complete the loan modification process before the lenders trustee’s sale occurred.

After the passage of the California Homeowner Bill of Rights, the servicer is now required to complete a lengthy list of requirements if a homeowner requests a loan modification where they must be met before moving forward with any stage in the foreclosure process. If a servicer attempts to set a trustee sale while the loan modification process is complete, the homeowner can obtain a temporary restraining order (TRO) against the servicer preventing foreclosure activity while the loan modification is under review. The California Homeowner Bill of Rights allows the homeowner to recover his or her attorneys’ fees of a minimum of $50k for California wrongful foreclosure victims.

For homeowners who have already been victimized by dual tracking and, as a result, lost their home to foreclosure at any time after January 1, 2013, the California Homeowner Bill of Rights gives the foreclosed homeowner the right to sue the servicer for damages suffered as a result of the foreclosure plus the right to collect the homeowner’s attorneys fees. In cases where the servicer’s dual tracking was not merely negligent, the law provides that the homeowner may collect the greater of $50,000 or treble their actual damages plus attorneys’ fees.However, to qualify for relief under the Homeowner Bill of Rights, the home must be:

  • owner-occupied
  • the homeowner must not have filed bankruptcy at some time during the foreclosure process
  • the homeowner must not have already contracted with an entity whose primary business purpose is advising people who have decided to leave their homes on how to extend the foreclosure process.

If you are one of these homeowners who was seeking loan modification or short sale or who have been foreclosed in 2013 should consult with a reputable law firm to understand their rights and their options. If you feel you have been a victim, we offer a free consultation with a licensed mortgage attorney who can quickly assess their situation and recommend the best course of action.