Immigration Atty. Crispin Lozano
QUESTION: What is a loan modification?
Answer: Loan modification is a legal process whereby the terms of the mortgage contract are permanently changed to make payments more affordable to the borrower. Loan modification may include reducing the interest rate, extending the term of the loan from 30 to 40 years, or adding missed payments to loan balance. Modification may also involve reducing the principal balance of your mortgage by canceling or forgiving a portion of the mortgage debt.
Question: What is a mortgage or forensic loan audit?
Answer: Mortgage loan audit or forensic loan audit is a review of the loan documents to determine if there are violations of federal laws such as Real Estate Settlement & Procedures Act (RESPA) and Truth in Lending Act (TILA). It is also used to determine if the borrower is a victim of predatory lending. If violations are found these are very effective tools in negotiating for loan modification. Based on recent survey, about 83% of loans have violations of federal laws. If your loan has violation, then a loan modification is a win-win situation for both the borrower and the lender. The borrower can request reduction in interest rate and principal. The lender will be happy to grant modification because they will be able to avoid more expensive litigation costs and possible penalties.
TOP federal and state officials announced last Monday a major nationwide crackdown on loan modification scams. California Civil Code 2945 makes it illegal for foreclosure consultants and real estate brokers and agents to contract a loan modification work once a Notice of Default has been filed. Only California attorneys are allowed to negotiate loan modification when a Notice of Default has been filed. If a notice of default has not been filed, foreclosure consultants including real estate brokers and agents cannot collect any money for loan modification until a written agreement with the borrower to modify the loan has been approved by the Department of Real Estate and the contracted loan modification work has been successfully completed.
Question: Are attorneys considered as foreclosure consultants?
Answer: No. California attorneys are licensed to practice law in California and are not included as foreclosure consultant.
BORROWERS who are late in payments and seeking loan modifications are given by California Law SB 1137, the ammunition to discuss with their lenders their financial situation to avoid foreclosure. Lenders may file a Notice of Default and start foreclosure process if the borrower is late in payments.
Question: What are the requirements in California before a Notice of Default is filed?
Answer: California law requires all lenders who will foreclose loans made between 2003 and 2008, must at least 30 days prior to filing a notice of default to:
QUESTION: What are the advantages of hiring an attorney to do my loan modification?
Answer: Loan modification is a legal process. There are Federal and State laws such as Real Estate and Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA), law of contracts and other laws that govern the relationship between lender and homeowner. Only an attorney has the experience and preparation to protect your rights to keep your home and avoid foreclosure. Negotiation from a position of strength is what an attorney will do for you.
IF you are checking the status of your priority date, the Department of State is presently processing the following petitions with priority dates earlier than indicated below.
QUESTION: May an alien who is deported or removed from the United States apply for an immigrant visa abroad?
Answer: Yes. To apply for an immigrant visa, the alien must have the following:
QUESTION: When is the alien’s last chance to avoid removal from the United States?
Answer: When an alien is in removal proceedings in Immigration Court, there are various reliefs available. This include asylum, adjustment of status, cancellation of removal and waivers. In many cases, an application for asylum is denied by the Immigration Judge. The alien may file an appeal with the Board of Immigration Appeals (BIA) and if the denial is upheld, he or she can file an appeal to the Court of Appeals.
In this issue, we will discuss the visa bulletin for March 2009, and other important developments in immigration.
March 2009 State Department Visa Bulletin
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