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tips on homeowner ship

California Homeowners Bill of Rights. Are you aware of the Jan 2013 bill?

The California homeowners bill of rights was put into play January 2013.  This bill is something all the lenders must comply with before foreclosuing on someones property.  There are rights the homeowner has regarding the NOD (Notice of Default) process and the  NTS (notice of trustee sale) process.  The lenders must give the homeowner notice of their right  to apply for a loan modification or other alternatives when available. That includes loan modifications, deed in lieu, short sales and any other options for them to avoid foreclosure.

There are deadlines for when the  loan servicer must respond in certain time frames and a yes or no answer is required.  The lenders MUST halt the foreclosure process during the process.  If you want to appeal a denial on your loan modifaction the borrower has 30 days from denial to provide evidence that the denial was in error.  BEWARE THOUGH after the appeal is denied the lender may proceed with  foreclosure 15 days after.  If you  do not appeal the denial the lender may begin proceedings 31 days after the denial was issued.


If you do accept and qualify for a loan modification the lender cannot foreclosue as long as you continue to make the payments as in the terms of them modification.  A few more important points:

Once a modification is offered you have 14 days to accept.  If you do not accept the lender may proceed with foreclosure process 14 days after the modification is offered.  This is on the first lien holder by the way.

The lender CANNOT charge an application fee for the borrower to apply for a loan modification or any other relief

Late fees cannot be assessed for periods during the loan modification application process.  This during the condiseration, the appeal or while timely loan modification payments are being made.

If you receive a loan modification and the  loan is sold to another lender or transferred, the agreement MUST remain the same (assuming payments are current).

When you go to read take a look at the part on and eligible borrower and non eligible borrower and becareful WHOM you entrust this process with.  For a copy email us ehustle@elginwalker.com and we will send you a copy.

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