Prominent LA foreclosure attorney weighs in on the new protection and what it means.
LOS ANGELES, May 9, 2018 (Newswire.com) - Los Angeles Real Estate Attorneys Gomez & Simone law are announcing an expansion of their legal services to protect widowed homeowners who are now protected by California's Homeowner Survivor Bill of Rights (SBOR). The relatively new law, which went into effect in 2017, protects widowed spouses, children, domestic partners, and other family members with protection against foreclosure by housing lenders.
According to Los Angeles Foreclosure Attorney Stuart R. Simone, the new law is a first-of-it's kind in the United States. Whereas several Federal statutes may broadly protect 'successors-in-interest' by slowing the foreclosure process, the new California law protects these successors individually. SBOR extends the protection of homeowners California Homeowners Bill of Rights (HBOR) to successors of the deceased who stand to assume the outstanding home loan. The law effectively mitigates the power of mortgage servicers to foreclose on an affected property.
Thus, affected survivors of the deceased homeowner can now have the foreclosure process slowed if they complete an application for a loan modification. Successors will be given the time to modify their loan, assume the loan, or enter loss mitigation.
Successors are advised to submit documentation to lenders showing evidence of the death of a borrower-- most commonly shown with a death certificate. This must be done within 30 days of the borrower's death. Secondly, the claimant must submit their interest in the mortgage within 90 days of the borrower's death. If these deadlines are not met, the lender could potentially take foreclosure action.
In cases that lenders do violate either HBOR or SBOR provisions, successors could be entitled to economic damages incurred by a potential foreclosure sale, including attorney fees. If a violation has potentially taken place, it is highly advised that the borrower or successor-in-interest seek counsel with a Los Angeles Real Estate Attorney.
For more information about the Homeowner Survivor Bill of Rights, or to make a press inquiry, please contact Gomez & Simone Law at (855) 219-3333.
Source: Gomez & Simone Law