Beware of False Promises
In California, you may be able to avoid foreclosure without filing bankruptcy. But it is not common unless your home loan was issued during the height of the loan securitization scandal. Some foreclosure defense agencies and debt relief companies may advertise a false claim promising to help you save your home without filing bankruptcy. Many of these companies prey on people who are facing harsh financial realities. Do not fall for their tricks. You cannot afford to let an unqualified, uninsured, and inexperienced company make promises it cannot keep when your financial well-being is on the line. Put your mind at ease by working with a licensed, insured bankruptcy and foreclosure defense attorney who will be honest and straightforward with you about possible solutions.
The Los Angeles bankruptcy and debt relief law firm, Weintraub, Selth & Nguyen, APC, assists clients in Southern California who are facing foreclosure and other serious financial challenges. Our experienced Los Angeles attorneys can explain ways to eliminate or modify the debt on your home. Some of the possibilities may include debt negotiation, refinancing, lien stripping and others. In some cases, the best option for saving your home may be filing for bankruptcy but we will explore all other options before we suggest bankruptcy. Part of our analysis will be to determine if your home loan was part of the loan securitization scandal that contributed to the Great Recession.
Loan Securitization and Mortgages Obtained Between 2004 and 2007
Prior to the real estate market crash and the recession, banks such as Countrywide, Washington Mutual, EMC, IndyMac and others, issued loans with the intent to sell them to Wall Street. This process is called loan securitization or asset securitization. Many of these loans were issued in bad faith and were only designed to be sold to other investors no matter the harm that was caused to homeowners. If you obtained a home loan between 2004 and 2007 and are now facing foreclosure and, possibly, bankruptcy, you are encouraged to contact Weintraub, Selth & Nguyen, APC immediately.
A lender may now be threatening foreclosure on your home due to your inability or difficulty to pay your mortgage. The lender may not be able to show a complete chain of title or deed of note (chain of ownership of the securitized loan). This may mean that an attorney can challenge your lender’s ability to foreclose. If your home loan was part of the loan securitization scandal, you may be in a strong position to negotiate modified repayment of your mortgage.