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Under California law, if you lost your home to foreclosure unfairly, you may be able to sue your mortgage servicer for damages.
While our California homeowner relief lawyers will be able to advise you as to whether or not you have a case, generally speaking, if you were living in your home when it went into foreclosure and you had either requested a loan modification prior to foreclosure or were trying to short sale your home, depending on when foreclosure occurred, you could be entitled to up to $50,000 in damages. (California Civil Code §2920.5-2924.20.)
In addition, if you are currently under the threat of foreclosure but struggling to modify your loan or find another mechanism to save your home and/or avoid foreclosure, you have protections under California law.
The California Homeowner’s Bill of Rights provides recourse for people unfairly targeted by dual tracking mortgage servicers.
Under California’s Homeowner Bill of Rights, homeowners are not only afforded options for dealing with upside down (underwater) mortgages, but have options for compensation if they were victimized into a wrongful foreclosure by dual tracking mortgage servicers.
Under the unscrupulous process of dual tracking, a mortgage servicer simultaneously processes a borrower’s loan modification request while moving the non-judicial foreclosure process forward. The result was often that the trustee’s sale was consummated before the loan modification process had any chance of being completed. Hard-working people who were doing all that they could to save their homes ended up losing it all.
With the passage of the California Homeowner Bill of Rights, the tables turned in favor of the homeowners.
Now, when a homeowner is attempting to modify their mortgage loan terms, loan servicers must meet a long list of requirements before going forward with any stage in the foreclosure process.
Under the law, homeowners are more empowered than ever. They have the right to obtain a temporary restraining order against any servicer attempting to set a trustee’s sale before completion of the loan modification process plus they can recover attorney’s fees when the TRO is entered. The opportunity to collect attorney’s fees means that consumers are empowered to seek legal counsel at no expense to them when their rights are being trampled upon.
These same rights might also apply to a homeowner who is attempting to short sale their home. Our homeowner relief lawyers can explain further.
In order to obtain relief under the Homeowner Bill of Rights, you must occupy your home, you must not have filed bankruptcy during the foreclosure process, and you cannot have contracted with someone whose primary business purpose is to advise people who have decided to leave their homes on how to extend the foreclosure process.
If you think you might be entitled to damages under the California law or you are currently being victimized by a mortgage servicer engaged in dual tracking, call a McFarlin LLP homeowner relief lawyer today. The initial consultation in our Irvine, California office is free. Call 949-544-2640 or contact us online.
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