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Foreclosure Suspensions Due to COVID-19 Outbreak

In California, Governor Gavin Newsom authorized local governments to stop any foreclosures through May 31, 2020. Also, on March 25, 2020, Governor Newsom announced an agreement with multiple banks and credit unions allowing Californians who have been economically impacted by the COVID-19 pandemic to receive a 90-day forbearance on making mortgage payments. The banks agreed not to initiate foreclosure sales or evictions for at least 60 days, as well. (For general information on foreclosure suspensions and court closure...

If you are unable to make your mortgage payments and are facing foreclosure, the worst thing you can do is ignore the problem. Some people assume that they can delay the process by doing nothing. That is not the case. Do not delay. Start by trying to negotiate a solution with your lender or by calling a U.S. Consumer Finance Protection Bureau (CFPB) counselor. You may be able to negotiate a lower interest rate, a temporary reduction in payment, or an extension of the loan term. If there is little hope of resuming payments and reinstating the mortgage, consider nego...

A California state lawmaker said he would introduce legislation to temporarily ban evictions and home foreclosures for residents who can’t pay the bills because of the coronavirus outbreak.

Assemblyman Phil Ting, D-San Francisco, said the bill would keep Californians sheltered as long as they prove the coronavirus has affected their household financially.

“Before the coronavirus, homelessness was the thing people were talking about,” Ting said. “The last thing we want is the virus to exacerbate the problem.”

The legislation would be a similar to San Jose’s 30-day evic...

A California federal judge has certified a nationwide class of Wells Fargo mortgage borrowers who say the bank breached its contract by denying them home loan modifications, while excluding proposed subclasses of borrowers bringing consumer protection, wrongful foreclosure and emotional distress claims.

In partially granting the certification bid Wednesday, U.S. District Judge William Alsup approved a class definition that encompasses Wells Fargo mortgage borrowers who qualified for a home loan modification between 2010 and 2018 but were not offered it due to a soft...

A foreclosure stays on your credit report for seven years, but according to a new study, the real damage is much shorter-lived than that.

New data from loan marketplace LendingTree shows that the bulk of foreclosure damage occurs within the first two years. 

Initially, borrowers can see their credit score decline by 150 points or more, but with each year that passes, that score climbs about 10 points, on average. By the third year after a foreclosure, nearly half of borrowers have a 640 credit score or higher—largely considered a “fair” score by most standards.

Accord...

The largest parcel of land for sale in Los Angeles, that comes with precious grandfathered-in rights to build 12 feet higher than current code, has sold for a fraction of its worth after years of discord and some last minute legal wrangling.

A 157-acre parcel called "The Mountain," sold for $100,000 during a foreclosure auction earlier today, as the L.A. Times reported. To add yet another layer of intrigue to a story that has its share of discord over the past decade, the 'buyer' of the land was the trust who still held a lien on the property. By buying it back they...

Los Angeles County protects homeowners defrauded under the Property Assessed Clean Energy (PACE) Program, enabling them to get relief from immediate property tax burdens, and supporting the prosecution of an allegedly predatory contractor.

Under the direction of the Los Angeles County (County) Board of Supervisors (Board), the Department of Consumer and Business Affairs (DCBA), Treasurer and Tax Collector and the Internal Services Department, have made significant strides in addressing allegations of fraud in regards to PACE programs that operate across the County.

O...

He says that won’t begin to cover the financial losses, and he can no longer even rent a home due to his credit.

Last month, Wells Fargo admitted in an SEC filing that it wrongly denied mortgage modifications to 870 eligible borrowers, resulting in 545 people losing their homes in foreclosure proceedings.

The company said at the time that it would set aside some money to compensate the victims, though how much exactly wasn't made clear.

Now, it appears that Wells Fargo is pinning the amount at about $25,000, according to one of the victims who is now going public with...

The former owner of a California foreclosure rescue business will spend the next 14 years in prison after admitting in court that he used the business to steal struggling borrowers’ homes during the housing crisis.

Earlier this year, Sergio Barrientos pleaded guilty to conspiracy to commit wire fraud affecting a financial institution and bank fraud.

According to court documents, from about September 2004 through February 2008, Barrientos and co-conspirators Zalathiel Aguila and Omar Anabo operated a business in California called Capital Access.

The company offered a “...

Finance titan Wells Fargo admitted in regulatory filings this week that a software glitch had resulted in some 625 customers incorrectly being denied or not offered mortgage modifications, with approximately 400 of them subsequently losing their homes.

News of the glitch was first reported by Reuters, which noted it was just one facet of “numerous regulatory penalties, private lawsuits and remediation efforts” Wells Fargo is currently facing down including government probes involving multiple federal agencies into how it acquired low-income housing credits. Per CNN...

As Wells Fargo reels from revelations that its mistake cost hundreds of people their homes, the bank is blaming the problem on faulty computer software.

Last week, the bank apologized for denying, or not offering, lower mortgage payments to about 625 customers who should have qualified for the adjustments as they struggled to pay their mortgages in the Great Recession. Wells said that after its error, about 400 people in the group ultimately lost their homes to foreclosure.

Wells did not rule out uncovering additional people who lost their homes because of this probl...

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