Frequently Asked Questions

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  • CAN I DO THIS MYSELF
    YES, but… statistically, homeowners that try to work directly with their lender have a greater failure rate than when your lender is dealing with an attorney on your behalf. This is a sad commentary but true none the less. We find even attorneys don’t represent themselves.
    If the lender forecloses on your home they will be the owner and they will sell your home and pocket your equity (if any). They will use everything you say against you. They will want lots of cash down to do a forbearance payment plan you can’t afford. You lose the cash and your home. We are attorneys and retired bankers and know your rights.
  • HOW LONG DOES THE PROCESS TAKE?
    There is no exact answer. Generally, you can expect the process to take between three weeks and ninety days to complete depending upon your lender.
  • HOW MUCH TIME DO I HAVE BEFORE THEY SELL MY HOME?
    Every situation is different, typically in California the entire foreclosure process takes about three months to complete after you receive a Notice of Default. The sooner we start the loan modification process and the more time we have to work, the greater the likelihood of success
    REMEMBER THIS - MAXIMUM SUCCESS IS POSSIBLE WHEN WE RECEIVE THE CLIENT’S INFORMATION 60 DAYS OR SOONER BEFORE THE FILING OF THE NOTICE OF SALE.
  • WHAT INFORMATION IS REQUIRED
    In order to process your request for a debt restructuring we will need the following documentation:

    1. Hardship Letter: Your lender wants to understand what the problem was that caused the delinquency, and how you have solved or intend to solve the problem. In other words, tell what caused the problem and why it won’t happen again. It should be a DETAILED letter that we will consider this letter a DRAFT and will help you if necessary.
    2. Auhorization to Represent form(s) for each lender: Be sure to give us complete information about your lender(s). For example, copies of correspondence you received, address, phone number and name of any individual with whom you have discussed this matter.
    3. Legal Notices: Copies of all legal notices you have received from your lender(s).
    4. Income and Expense Form: A completed Income and Expense Form (attached).
    5. Tax Returns: We only need the first page of the last two years of Federal Income Tax returns. If you have not filed for last year, please include a copy of the extension and a brief note explaining why you have not filed.
    6. Bank Statements: Copies of all bank statements for the last three months.
    7. Pay Stubs: Copies of your last two paycheck stubs. If you are self-employed include a profit and loss statement for the last six months and bank statements for your business accounts for the last six months. If you have rented a room(s) in your home the lender will require a rental agreement.
    8. Other Income: Verification of any other source of income. Example: Rental agreements, Social Security benefit statements, and so forth.
    9. Borrower Financial Statement: A completed Borrower Financial Statement.
    10. Retainer Agreement: A signed Client Contract.
    11. List of Creditors: A list of all creditors.

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