LOS ANGELES, Dec. 21, 2017 /PRNewswire/ -- According to the Los Angeles Real Estate Attorneys of Gomez & Simone, time is quickly dwindling on a valuable opportunity for homeowners facing foreclosure. By Dec. 31, 2017, all loan modifications made possible by a California consumer protection law must be submitted before the expiration of the law on Jan. 1, 2018.
The modification is a result of the provision known as California's "Ban on Lender Dual-Tracking", and was signed into law by Governor Jerry Brown, was primarily geared toward recent widows and widowers who stand to fall behind on their mortgage payments because of the loss of a loved one.
However, according to loan modification attorney Stuart R. Simone, Founding Partner Gomez & Simone, a foreclosure defense law firm, a greater pool of homeowners in default currently qualify for the stop foreclosure program. The term "dual tracking" means a practice from the banking industry to pursue both a loan modification and a foreclosure from a homeowner simultaneously.
"When homeowners facing foreclosure came to Gomez & Simone, we would work with the new client to submit a truly 'complete' loan modification application and make the law work for them; our success rate has been very high, with most borrowers being granted loan modifications with low monthly payments and interest rates," said Simone.
This article is intended to be an informational public advisory and not intended to be used as legal advice. Gomez & Simone is a California-based real estate law firm representing homeowners, landlords and tenants with several offices around Southern California. For more information about the California Homeowner's Bill of Rights or "Ban on Lender Dual-Tracking", please direct inquiries to the Gomez & Simone main office at (855) 219-3333.
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SOURCE Gomez & Simone