loan modification and foreclosure - Loan Modification Forum

lisa982 · 08-10-2009, 03:36 PM

I am trying to mod. my loan with BOA and they have sent foreclosure notice. The federal guidlines state that foreclosure process is to be stopped while the customer is in the mod process. How can they do this? It is a federal mandate. Who has oversight to this program?

Paul Molinaro Esq. · 08-10-2009, 09:59 PM

NO LEGAL ADVICE HERE - JUST GENERAL INFORMATION - ANY SIMILARITIES TO ANYONE'S ACTUAL SITUATION IS JUST ONE HECK OF A COINCIDENCE.

There is no "mandate" that I know which stops the lender from foreclosing while negotiating a modification. Getting sale dates postponed is what is sought throughout the process, but this is not a borrower's right.

- Paul

lisa982 · 08-12-2009, 09:32 AM

Paul,

Thanks, but desn't BOA have to follow the guidlines of the federal program since they chose to participate.

08-10-2009, 03:36 PM	#1 (permalink)
lisa982 Junior Member Join Date: Aug 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	loan modification and foreclosure I am trying to mod. my loan with BOA and they have sent foreclosure notice. The federal guidlines state that foreclosure process is to be stopped while the customer is in the mod process. How can they do this? It is a federal mandate. Who has oversight to this program?

08-10-2009, 09:59 PM	#2 (permalink)
Paul Molinaro Esq. Attorney Join Date: Mar 2009 Location: 980 Montecito Drive, Suite 206, Corona, CA 92879 Posts: 133 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: loan modification and foreclosure NO LEGAL ADVICE HERE - JUST GENERAL INFORMATION - ANY SIMILARITIES TO ANYONE'S ACTUAL SITUATION IS JUST ONE HECK OF A COINCIDENCE. There is no "mandate" that I know which stops the lender from foreclosing while negotiating a modification. Getting sale dates postponed is what is sought throughout the process, but this is not a borrower's right. - Paul __________________ ______________________________ Paul J. Molinaro, M.D., J.D. Attorney at Law, Physician, Broker ______________________________ Fransen & Molinaro, LLP 980 Montecito Drive, Suite 206 Corona, CA 92879 pmolinaro@LoanLaw.net 1-888-756-2652 ______________________________ The information contained in this post is NOT to be taken as legal advice. My posts are for general information and educational purposes only. If you need legal advice, please contact an attorney.

08-12-2009, 09:32 AM	#3 (permalink)
lisa982 Junior Member Join Date: Aug 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: loan modification and foreclosure Paul, Thanks, but desn't BOA have to follow the guidlines of the federal program since they chose to participate.

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