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.
Contact us to schedule an appointment with our Los Angeles, California, foreclosure attorney.
Our Oakland, California, Mortgage Fraud Subprime Mortgages Attorney Handles 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 he or she 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 homeowners avoid foreclosure. The primary objective of this $75 billion program is to modify the mortgages of almost 4 million homeowners so that their monthly mortgage payments are no more than 31 percent 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 percent of his or her monthly gross income. (However, the interest rate may not be less than 2 percent.)
- If the reduction in the interest rate is not enough to meet the 31 percent 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. We can also assist with other foreclosure alternatives, when litigation is not the best option for you.
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 he or she may have originally expected, causing him or her to "move" the property sooner than he or she 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.
A San Jose Real Estate Law Firm With 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 an Anaheim, California, mortgage fraud subprime mortgages lawyer. We serve clients throughout the Los Angeles and San Francisco Bay Area from our San Diego, Diamond Bar and Oakland law offices.
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.
