Let's Stop the Rumors Here

No California Foreclosure Moratorium But You Can Save Your Home With Loan Modification Programs in Los Angeles and Throughout California

http://www.foxbusiness.com/story/california-foreclosure-moratorium-save-home-loan-modification-programs-los/

LOS ANGELES, June 17, 2009 /PRNewswire via COMTEX/ ----The new "foreclosure moratorium laws" do not guarantee homeowners a loan modification and will do little to stop a trustee sale. Governor Schwarzenegger's signature on the recent California Foreclosure Prevention Act, similar to the Obama Making Homes Affordable Plan, is unlikely to stop or delay most foreclosures. The bill is a step in the right direction by adding 90 days to the 3 month time frame between a notice of default and a notice of trustee sale, but leaves loopholes that allow lenders to be excluded upon application to the state or by implementing a loan modification program. The law only applies to certain loans for owner occupied properties and does not require lenders to stop a trustee sale that has already been scheduled. In addition, the lenders are not required to give borrowers a modification under these laws, but they do need to implement loan modification programs to avoid delay.

"Do not trust your mortgage company's nice customer service person telling you that you are covered by the foreclosure moratorium. You are dealing with a huge organization with thousands of foreclosure calls per day. I have clients who were told by their lender that they were postponing their sale and then sold the home anyway. Once the trustee sells your house, it is extremely difficult to get it back, even in court," said loan modification attorney Chris Barsness, Esq. "In order to assure you protect and save your home, don't assume you are covered by the moratorium. The good news is that many lenders are successfully implementing their new loan modification programs, so there really is hope for homeowners, but you must act."

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About the Law Office of Barsness & Cohen

The Law Office of Barsness & Cohen is a licensed California law firm where a loan modification lawyer provides legal advice and solutions for clients facing foreclosure or real estate issues. They assist clients in obtaining the best legal option for foreclosure relief, including mortgage modification, short sale, bankruptcy, and other foreclosure alternatives. They are a Debt Relief Agency as defined by Federal Law. They help people file for relief under the Bankruptcy Code. Advertisement for legal services. Although I have not met nor do I endorse Barness and Cohen, I certainly will say their heart seems to be in the right place.

-Christopher Rockey