Did you know that in California we have a really bad loophole in the real estate law? No kidding, you're probably saying to yourself right now. Which one, you ask?
Well, let me tell you what happened to someone I know personally. This girl had modified her home previously and was very excited about the results. Then the unexpected happened - her husband became extremely sick and she was at the hospital day and night for a couple of weeks.
She was able to return to some semblance of normalty and was at home taking care of her husband one day when there was a knock at the door. It was a buyer asking if he could look at her property before the auction! Apparently the house had been listed for auction without any notice to her because she was over ten days late on her payment.
Did you know this is legal in California? Once you have had your loan modified, the bank can foreclose if you're a tad bit late and not notify you? They can put your home up for action, still with no notification to you? Yes, apparently it is.
After contacting a real estate attorney and confirming that this was legal, she took steps and I am happy to say saved her home. But if that buyer hadn't come knocking at the door....
MODIFIER BEWARE!
Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
