April 27,2011

As the foreclosure wave continues, California legislators are seeking to pass new laws to further protect home owners from lenders.

A proposed law facing a key vote in Sacramento on Wednesday would require lenders in California to make a decision on mortgage modifications for delinquent homeowners before beginning the repossession process, in effect ending “dual track” foreclosures in the state. (see entire story here)

Some California lawmakers have an idea to help stem the flow of foreclosures:  they propose charging banks $20,000 every time they want to foreclose on a home. Is this a good idea…or government getting in the way of legal foreclosures in California?  (see the entire story here)

The Bank of America foreclosure deal, struck with the state of California in December 2010, continues to make waves. Law experts say  that the case may wind up becoming a Class Action Lawsuit for affected homeowners.

THE BANKRUPTCY BLOG: California Mortgage Foreclosure

California Mortgage Foreclosure Case May Become Class Action Lawsuit: Hearing January 25, 2011 Los Angeles Superior Court. FOR IMMEDIATE RELEASE Media Contact: The Wroan Law Firm, Inc.  News date: 01/06/2011 13:17

http://pasadenabklaw.blogspot.com/2011/01/california-mortgage-foreclosure-case.html
California Rolls Out Foreclosure Aid

Starting today, unemployed California homeowners can apply for up to $3000 a month in mortgage assistance to tide them over for up to six months while looking for work.

News date: 01/10/2011 18:10

http://www.mortgageloan.com/california-rolls-out-foreclosure-aid-8268

Rep. Brad Miller raises questions about BofA, mortgage deal …

Most of that — about $2.8 billion — came from Countrywide Financial, a California mortgage lender bought in 2008 by Charlotte-based Bank of America. Since the fall, banks have been facing increasing pressure to repurchase …

News date: 01/13/2011 10:42

http://loanworkout.org/2011/01/rep-brad-miller-raises-questions-about-bofa-mortgage-deal/

Rep. Brad Miller raises questions about BofA, mortgage deal …

Most of that — about $2.8 billion — came from Countrywide Financial, a California mortgage lender bought in 2008 by Charlotte-based Bank of America. Since the fall, banks have been facing increasing pressure to repurchase …

News date 01/13/2011 10:42

http://loanworkout.org/2011/01/rep-brad-miller-raises-questions-about-bofa-mortgage-deal/

Getting approval for California refinance mortage in 2010 is very difficult, even with good credit. If you are a struggling homeowner in California, there is news that Wells Fargo Bank has agreed to modify approximately 2.4 billion dollars worth of home mortgage loans. According to Attorney General Jerry Brown’s office, Wells Fargo will also pay out an estimated $32 million to 12,000+ California borrowers who had such loans

and lost their homes to foreclosure.

See the full story:

Wells Fargo (NYSE: WFC) to Modify $2.4 Billion of Mortgage Loans …

The Wall Street Journal is reporting that Wells Fargo & Co. (WFC) is agreeing to an estimated $2.4 billion is mortgage modifications for California…12/21/2010 7:51

http://www.americanbankingnews.com/2010/12/21/wells-fargo-nyse-wfc-to-modify-2-4-billion-of-mortgage-loans-in-california/

Who Qualifies for a Loan Modification? | Foreclosure Refinance

Homeowners throughout California who are trying to stay in their homes are interested in the loan modification process and want to learn more about California loan modifications. Below are some basic tips on how to recognize whether or …       12/28/2010 17:46

http://www.foreclosure-refinance.net/who-qualifies-for-a-loan-modification/

How Can I Qualify for a Loan Modification?

As many Americans living in California are facing the possibility of falling behind on their mortgage, or even foreclosure, they are looking into how to qualify for a loan modification. California loan modifications can seem like a …    12/24/2010 1:45

http://www.foreclosure-refinance.net/how-can-i-qualify-for-a-loan-modification/

After several exceedingly difficult years for California mortgages and refinance loans, this looks like good news, at least in the short term.

By some estimates, as much as 25% of California homeowners are underwater on their mortgage.  Is it still possible to refinance a home in California in 2011?  It is certainly difficult to find willing and cooperative lenders but not impossible.  While the federal government rolled out several programs to help the situation in 2009, they have not been effective in providing the relief that was promised.

California Refinance Mortgage news from other blogs:

Different Types of VA Refinance Mortgages Help Homeowners …

One of the benefits of serving in the United States Military is the right to use the VA loan benefit. A VA refinance mortgage can help homeowners refinance.

Date: 12/27/2010 11:47

http://californiahomeloanprogramrefinancing.blogsml.com/different-types-of-va-refinance-mortgages-help-homeowners.html

Bank of America’s Information Access re Loan Mods, Foreclosures …

Government home loan refinance with “goal of the government’s Home Affordable Refinance Program is to help make monthly mortgage payments more affordable for customers who may not have sufficient equity in their home to qualify for … As negotiator, I have been a lawyer member of the State Bar of California for many years. Also a singer for a lifetime, I am and have been involved with choral groups and ensembles, gospel, spiritual, stage musicals, chancel choir at Irvine …

Date: 12/28/2010 20:54

http://harrisonklong.posterous.com/bank-of-americas-information-access-re-loan-m

Mortgage Interest Deduction Is At Risk — Again. May impact Malibu …

Congress is re-considering the mortgage interest deduction – it will impact states with higher housing costs such as California.

12/28/2010 14:53

http://blog.judysellswestside.com/2010/12/28/mortgage-interest-deduction-is-at-risk-again-may-impact-malibu-california-calabasas-california-santa-monica-california/