Thanks for joining me; I’m Derik Lewis with Lawyers Realty Group. We are located in the Southern California area and are here to assist you with all of your traditional real estate and short sale needs.
I wanted to talk a bit about the Mabry case and how the courts are dealing with it. If you’ve watched my previous video on the foreclosure timeline, you know that the lender is supposed to reach out to you, make contact and help you see if there are any alternatives to foreclosure. During the period of time between when you’ve stopped making your payments and the lender reaches out to you, pay close attention to what the lender is saying and doing. If they aren’t sending you the appropriate information and attempt to make contact with you, they are breaking the law with respect to filing the notice of default.
If you happen to take action against them, they will postpone the foreclosure process, but all they really have to do is talk to you about the alternatives to foreclosure. They don’t have to grant you a loan modification or find an alternative for you, they are just doing what the law requires of them and meeting with you.
Essentially what you need to do for this meeting is compile you documents and present them to the lender. If a loan modification is not an option, they should be suggesting to you a short sale on your home. It saves them money and time in the long and doesn’t have such a drastic affect on your credit. It’s my opinion that they should give you a certain amount of time to pursue a short sale and also give you incentives to do one.
If you have any questions regarding this or if you have a claim against your lender and would like more information, visit our website to submit an email or give us a call. Lawyers Realty Group can help you navigate the short sale process, so give us a call today.