Legal Question in Real Estate Law in California

Re: Notice of Default

As an attorney, you really should know better than to attempt this on your own if you have no experience in the field. It is not necessary after an NOD has been filed to use an attorney, however, attorneys are exempt from the Mortgage Foreclosure Consultants Act which prevents certain activity after the recordation of an NOD. Its primarily a consumer protection law, so it doesn't affect your rights and/or obligations as to your lender. Your problem begins with the fact that you cannot determine with any certainty who actually holds your loan. The entity you make payment to is only a servicing company, and almost certainly does not own your loan. Most servicing firms now have modification programs up and running, but some do not, and so it is possible to encounter problems even getting the process started. Most servicers, as a part of their modification program have a standard modification request package which will include proof of income, copies of income tax returns and/or W-2s, a personal financial statement, a hardship letter and additional information depending upon the lender. You need to call them and ask for their workout department. Before doing so, however, you need to review your loan documents for any RESPA or TILA violations, any predatory lending issues, and other matters which will give you leverage over the loan servicer to get a better deal. In many states they are now even fighting foreclosures with a "produce the note" defense, which is not something one should attempt without experience in that field. I'd have to suggest that you might be better served working with someone with experience than trying to do it yourself.

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Re: Notice of Default

There is far more than simply 'a letter' necessary. You can expect several months of negotiations and documentation exchanges. This will incur associated attorney fees and costs. Lenders are now at a point that most will not even talk to borrowers, except through attorneys. Good luck. Feel free to contact me if serious about getting legal help.