New legislation introduced, allegedly at the request of California Governor, Schwarzenegger, will make it tougher to get a mortgage modification. This legislation, California Senate Bill 94, includes language that says that attorneys can’t be paid for helping a homeowner apply for a modification until the process is completed!
Frankly, attorneys aren’t used to working that way. [...]
Posts on ‘July 6th, 2009’
Mortgage Modifications Just Got Tougher
Banks lose big when they foreclose
Modifications are down in the second quarter of this year, and foreclosures are on the rise, reports New York Times reporter Gretchen Morgenson in a piece entitled So Many Foreclosures, So Little Logic.
My experience in the San Francisco Bay Area is consistent with the theme that modification are few and the degree of change in [...]