Discussion on Gov. Schwarzenegger Does the Right Thing: Sig

Schumpeter Reincarnate Joined: 24 May 2008 Posts: 50044

http://mandelman.ml-implode.co.....es-ab-764/

Posted: Tue Oct 13, 2009 1:55 am

A little ray of light Yeah Very Happy

Dud? Joined: 13 Oct 2009 Posts: 2

How does one get past the fact that SB 94 prohibits attorneys from creating a power of attorney for the purposes of loan modification and the lenders won't talk to you without one. (And many times, they won't even talk to you with one!)

Any ideas?

Dud? Joined: 13 Oct 2009 Posts: 2

This a*****'s a mortgage banker and chair of the Banking and Finance Committee.

Wonder where his campaign contributions are coming from.

Posted: Tue Oct 13, 2009 4:32 am

Modifier wrote:

This a*****'s a mortgage banker and chair of the Banking and Finance Committee.

Who are you referring to?

Posted: Wed Oct 14, 2009 5:25 am

It seems that most of the law firms I've contacted about this new law have changed something to comply with SB 94...

Retainer Agreements are being completely redrafted
Charges are being restructured
Services are being discontinued
Stopped doing loan modifications altogether
Doing more educational work

Although we are still providing legal services to distressed homeowners, Fransen & Molinaro has changed the way we offer help to those troubled borrowers. We are also focusing more on our growing bankruptcy department (Chapters 7, 13, and 11) and commercial loan and commercial lease modification departments.

Time will tell how this plays out for homeowners.

- Paul

Flash in the pan Joined: 02 Nov 2007 Posts: 98

Ok kudos for Arnold signing bill. Now what? There are people out there today that don't have the proper licenses to get which the state requires to get. The process can take up to 60 to 90 days. That is no good. We are cutting off problems which is sad, but in the same token we are also weakening the leverage of the borrower. Borrowers are scared, they don't know who to trust, they got a bad loan, neg. equity now what? I don't understand that the bank is saying we do mods for free? I can tell you, i wouldn't recommend my worst enemy to deal with the bank by themselves. All the negiotatiors are cooked over worked too many files and just sometimes are in a bad mood. Let me tell you if b of a tells my past clients you don't qualify, because they are paying for their childs colllege. What is that? Lenders are bullies, con artists, trying to trick borrowers, saying they do if for free, give them ridiculous forebearance agreements or even just a high rate. I would be sad if they said you can't have an attorney present while you are getting tried, that is what you are saying here. This is not a cure, just another time bomb. watch in the next quarter the increase in foreclosure due to not having the information to battle c**p like this. What about that BILL? No one understands how clients are failing to see that benefits are really there. It will be too late by the time we are done.