Foreclosure

California Foreclosure Guidance Attorneys

Serving primary residence owners and investors in Southern Los Angeles
and the San Francisco Bay Area

At the Law Offices of Kenny Tan, our skilled attorneys facilitate discussions between lenders and homeowners who are facing foreclosure. We also represent investors looking to avoid potential risk in foreclosure properties.

Primary residence foreclosures

We offer comprehensive legal assistance to individuals facing foreclosure on their home. Our experienced attorneys will attempt to work with lenders to develop payment strategies that can save both sides from the costly process of foreclosure. This may include:

• Renegotiating contracts to extend the payback period
• Requesting property forbearance to reduce or postpone payments
• Skipping several payments while accruing interest
• Making reduced payments over a short period of time
• Discounting loan amounts so payments may be brought current

We can also help clients arrange a possible "short sale." Under this option, the lender agrees to allow the homeowner to sell the home at a reduced rate, in full satisfaction of the mortgage. This may be more desirable to a client as they can avoid negative credit feedback and be released from the monthly burden of unmanageable mortgage payments. Our attorneys will clarify the short sale process, determine whether it is a viable option, and initiate discussions with the bank or mortgage lender.

New plans for avoiding foreclosure and modifying subprime mortgages

In March 2009, the federal government implemented a voluntary loan modification program to encourage lenders to help home owners avoid foreclosure. The primary objective of this $75 billion program is to modify the mortgages of almost 4 million home owners so that their monthly mortgage payments are no more than 31% of their monthly gross income. Lenders are paid incentives to cooperate in the program.

Under the terms of the program:

• The lender will reduce the interest rate of the mortgage so that the monthly mortgage payment of the borrower is no more than 31% of their monthly gross income. (However, the interest rate may not be less than 2%).
• If the reduction in the interest rate is not enough to meet the 31% threshold, the lender can extend the life of the mortgage up to 40 years.
• Lenders also have the option of reducing the principal

Our attorneys will take the time to explain this program in clear and concise terms, and you determine if you are eligible to participate.

Protecting the vulnerable

Unfortunately, the elderly and the disabled are often the target of unscrupulous mortgage brokers. The government takes this type of financial abuse very seriously and prosecutions for mortgage fraud are increasing all over the country. Our attorneys work hard to recover the title to a lost home or to collect damages from these lenders in a civil action.

Property forbearance and investment guidance

At the Law Offices of Kenny Tan, our foreclosure attorneys are also available to assist investors in assessing foreclosure properties and avoiding potential risk. We will analyze the title report and study the loan documents to identify all terms and conditions, as well as the intended implication. For example, a prepayment penalty can cost an investor on a foreclosure property substantially more than they may have originally expected, causing them to "move" the property sooner than they had planned.

Our extensive background in real estate law offers foreclosure investment clients with risk assessment and investment guidance to save time, money and their reputations.

Experience that counts

Our Los Angeles property forbearance and investment guidance lawyers understand that lenders prefer to deal with a skilled real estate law attorney rather than a real estate agent. Our clients appreciate the high-quality legal advice we provide and our practical approach to resolving their other real estate concerns.

For effective handling of a real estate foreclosure transaction or foreclosure investment, contact a Los Angeles, California area real estate law attorney.

To learn more information about real estate law, please visit our Real Estate Info Center. To find further answers to your real estate questions, visit our Real Estate FAQ.

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