Linda Kay's Blog: MODIFIER BEWARE!

MODIFIER BEWARE!

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.

 AUCTION HAMMER

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

Linda's Website


 

 

 


7 comments • Linda K Mayer- SoCAL 210 Corridor A REALTOR YOU CAN TRUST! • August 05 2009 04:16PM

Comments

It's really important to read the fine print, I guess.

Posted by Jon Budish - CDPE (Remax Action Brokers, CDPE - Northern Colorado) almost 3 years ago

Hmm buyer beware. They should have looked deeper into that situation before signing.

Posted by Robert L. Brown~Grand Rapids Real Estate Bellabay Realty, West Michigan (www.mrbrownsellsgr.com) almost 3 years ago

Since this is not a "members only" post, I'm going to watch my language. Buyer should have looked deeper before signing? That's a load of skata. Ten days late and no notice?

Honestly, I would call a local news station and get some coverage on this! Who slipped that law through to help the corporations and screw the consumer?

Posted by Lori Cain - Midtown Tulsa Real Estate www.tulsahomeforsale.net 918-852-5036 (Chinowth & Cohen Realtors ) almost 3 years ago

Scary, isn't it, Lori!

Posted by Linda K Mayer- SoCAL 210 Corridor A REALTOR YOU CAN TRUST! (License # 01767321) almost 3 years ago

Is this a Real Estate loophole or a banking one?  I can't understand how something like that could be law.  Another example of law makers not knowing what they approve and vote on.  Just like Health Care Reform.

Posted by Bonnie Vaughan CNE SFR - Buyers/Sellers Lackawanna & Surrounding Counties (Re/Max Home Team) almost 3 years ago

Bonnie: I'm not sure where the problem comes in, but I spoke with this person today and apparently it isn't ten days, it's ONE LATE DAY!

Posted by Linda K Mayer- SoCAL 210 Corridor A REALTOR YOU CAN TRUST! (License # 01767321) almost 3 years ago

Hi Linda,

This is useful to know as I have friends that are considering this in CA. Thanks! Sandy

Posted by Sandy McKee (Sunstreet Mortgage) almost 3 years ago

This blog does not allow anonymous comments