Bankruptcy

Judge in New York wpes out Mortgage in Chapter 13 Bankruptcy

Posted on October 26, 2009
My new hero . . . . David B. Shaev, consumer bankruptcy lawyer in Manhattan who is responsible for getting this result!"Oct. 9 in federal bankruptcy court in the Southern District of New York. Ruling that a lender, PHH Mortgage, hadn?t proved its claim to a delinquent borrower?s home in White Plains, Judge Robert D...

Judge Philip S. Gutierrez Get's It Wrong! Civil Code, §1632 - State Law Requiring Language Translations Does Apply to Federally Chartered Banks!

Posted on October 02, 2009
In a recent opinion by the US District Court on July 30, 2009 in the matter of Alberto Paz v. Wachovia Mortgage Corp, et al. Judge Philip S. Gutierrez issued an Order determining that Civil Code, §1632 is preempted by federal law. As you will read below, the basis of his ruling is that federal law requires that any state law attempting to regulate what must be disclosed on a loan is preempted...

UNLESS YOUR BANK SIGNS YOUR LOAN MODIFICATION - YOU DON'T HAVE ONE

Posted on September 08, 2009
Check out this case:It basically states that unless your lender actually signs your loan modification agreement then YOU DON'T HAVE A LOAN MODIFICATION.Has anyone actually gotten a signed loan modification?Watch OUT!167 Cal.App.4th 544, 84 Cal.Rptr.3d 275, 08 Cal...

Senator Ron Calderon Feeding His Constituents to the Banking and Real Estate Wolves

Posted on September 03, 2009
Hi Everyone: I have had to sit back and regroup a bit as I am overwhelmed how this mortgage banking and real estate fraud is playing out. This month's "Adding Insult to Injury" Award goes to Senator Ron Calderon. Along with the California Escrow Association, United Trustees Association, and Escrow Agents' Fidelity Corporation he authored Senate Bill 306 - the Omnibus Mortgage Legislation...

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Senator Calderon Selling Out to the Banking Interests

Posted on September 03, 2009
Senate Bill No. 306CHAPTER 43An act to amend Sections 2923.5, 2923.6, 2924.8, and 2924f of, and toamend, repeal, and add Section 2943 of, the Civil Code, and to amendSection 17312 of the Financial Code, relating to real property transactions.[Approved by Governor August 5, 2009...

INDIA CALL CENTERS FOR BANK OF AMERICA DO NOT HAVE SAME INFO AS US CALL CENTERS

Posted on August 04, 2009
A report from the trenches.Today my staff called Bank of America to follow up on a loan modification which had been in pending status. She reached a call center and provided the loan information to the person answering the phone with the social security number, name of client, etc...

Dawn Kopecki is Reporting that Cram-Down Bill may be BACK!

Posted on August 03, 2009
House Financial Services Committee Chairman Barney Frank threatened to revive the mortgage ?cram- down? bill that stalled in Congress this year, saying lenders aren?t being aggressive enough in modifying troubled home loans.Cram-downs let federal judges lengthen terms, cut interest rates and reduce mortgage balances of bankrupt homeowners, even if the lender objects...

New SpringWidget

Posted on August 01, 2009
Get this widget!Something Funny

IF YOU NEGOTIATED LOAN IN SPANISH AND GOT ONLY ENGLISH LOAN DOCUMENTS CALL ME ASAP!

Posted on July 24, 2009
FEDERAL JUDGE ORDERS FORECLOSURE SALE STOPPED BECAUSE LOAN DOCUMENTS NOT IN SPANISHMr. Jose Perez negotiated a home loan in Spanish but all of his loan documents were in English. "It is unfair, illegal and violates the most basic notions of decency and fair dealing" argued Mark Potter of the law firm Potter Handy, LLP...

SENATE LIKELY TO REVISIT BANKRUPTCY CRAMDOWN ON PRINCIPAL RESIDENCE AGAIN!

Posted on July 20, 2009
Recently received this juicy bit of news! July 16, 2009NOTICE OF SUBCOMMITTEE HEARINGThe Senate Committee on the Judiciary, Subcommittee on Administrative Oversight and the Courts will hold a hearing entitled " The Worsening Foreclosure Crisis: Is It Time to Reconsider Bankruptcy Reform?" on Thursday, July 23, 2009 at 10:00 a...

Governor Schwarzenegger is now trying to limit your ability to receive competent loan modification assistance!

Posted on July 13, 2009
Official NACBA CommunicationTo all California NACBA members:I am writing to let you know that last Friday, NACBA's Board of Directors approved our taking action to oppose pending state legislation (Assembly Bill 764/Senate Bill 94), which would bar attorneys from requesting or receiving advance retainers for work on loan modifications for borrowers...

CALL YOUR SENATOR NOW REGARDING BANKRUPTCY CRAM-DOWN

Posted on July 01, 2009
Al Franken wins Senate seat paving way for Obama's Democratic agenda. President Barack Obama was handed a major boost to his efforts to push an ambitious array of legislation through Congress when Democrat Al Franken was declared the winner of an eight-month battle over a Minnesota Senate seat...

R. GRACE RODRIGUEZ WILL VOLUNTEER FOR FREE SATURDAY JUNE 27, 2009

Posted on June 25, 2009
FREE LAWYERS TO ASSIST WITH LOAN MODIFICATIONS 6/27/09 10am - 2pm (Panorama High School) Reply to: serv-vhwbv-1240022382@craigslist.org [Errors when replying to ads?] Date: 2009-06-25, 6:40PM PDT The Law Offices of R. Grace Rodriguez is proud to volunteer for Neighborhood Legal Services of Los Angeles County and New Economics for Women with their homeowner Loan Modification Fair...

The Organization for Economic Cooperation and Development says the bleeding has nearly stopped!

Posted on June 24, 2009
According to the Organization for Economic Cooperation and Development we are in the deepest global recession in over sixty years. However, Secretary General Angel Gurria stated at a news conference this morning that the global economy is showing a slight improvement despite predictions that the US Economy will continue to shrink another 2...

Good news about Loan Modifications

Posted on June 21, 2009
My staff and I successfully obtained three loan modifications this week for our clients. We have six more clients who are going into what is called a "trial modification." Essentially the trial modification period will allow the borrower to make three payments at a reduced payment rate which is supposed be right around what a permanently modified rate should be...

OBAMA and CONGRESS SPOON FEEDING THE BANKS AGAIN!

Posted on May 20, 2009
Yesterday the House of Representatives passed the "Helping Families Save Their Homes Act, S896 sending the bill to President Obama for signature. President Obama is expected to sign the bill. Average Joe American got screwed because Congress ripped out the teeth of the bill...

Cash Incentives to Servicers for Short Sales or Deeds in Lieu of Foreclosure!

Posted on May 15, 2009
DON'T DO IT. If you can't afford a modification, or you can't afford to save your house in bankruptcy, then live there as long as legally possible exercising all of your civil and bankruptcy rights. I have one client who has stayed in his house for 18 months no mortgage, no rent...

The Mortgage Modification Lie

Posted on May 09, 2009
I wrote to all of the U.S. Senators the following letter:"I'm a 10 year real estate and bankruptcy attorney. I am in the trenches daily with the banks and loan servicers. I have experience and information about the bad faith loan modification tactics of most of the banks...

Say Good-Bye to Mortgage Modifications. That ship has sailed!

Posted on May 08, 2009
For the average homeowner, a cramdown, voluntary mortgage modification and/or any sort of life preserver from Washington DC are ships that have already sailed. Now that the Banks have demonstrated their clout in Washington, the average homeowner can expect nothing...

TRAITORS!

Posted on May 05, 2009
The Democrats who split with party leaders to oppose the Durbin amendment were Sens. Max Baucus of Montana, Michael Bennet of Colorado, Robert Byrd of West Virginia, Thomas Carper of Delaware, Byron Dorgan of North Dakota, Tim Johnson of South Dakota, Mary Landrieu of Louisiana, Blanche Lincoln of Arkansas, Ben Nelson of Nebraska, Mark Pryor of Arkansas, Arlen Specter of Pennsylvania (who flipped parties to join the Democratic caucus last week), and Jon Tester of Montana.

The Rodriguez Theory of how the Banks are Planning to Recoup Losses and Attract Investors Post-Cramdown Rejection

Posted on May 05, 2009
Okay call me crazy for thinking this way. Call it my over-exposure to the Watergate scandal at the tender age of 10, but I am noticing an alarming trend in my practice that leads me to believe that the average American is about to get royally screwed over again by our Banks and the Senators in this Country are protecting them!Here is what I noticed...

Messeges Crossed Like 2 Ships in the Night. . . .

Posted on May 01, 2009
While the Senate was sending the Cramdown bill down in flames, Senator Feinstein hadn't updated her auto-responder. I think we can safely say that the Banks of bought and paid for our Senate. Our current Senate can spend BILLIONS on bailing out the banks, but they won't give the average Joe a shot and modifying their home loan to make their home affordable.

Senator Dianne Feinstein States That Hope is Not Lost for a CRAMDOWN

Posted on May 01, 2009
I got this e-mail today from Senator Feinstein:Dear Ms. Rodriguez: Thank you for writing to me to share your thoughts on legislation that would allow bankruptcy courts to modify the terms of home loans. I appreciate hearing from you on this important subject...

Senator Durbin I feel your pain!

Posted on April 30, 2009
After a disappointing vote rejecting on Senate Bill 61 entitled the Helping Families Save their Homes In Bankruptcy Act Senator Durbin commented,"I am sick and tired of being asked to give billions of dollars to these banks when they won't in any way help the people who are facing mortgage foreclosure," Durbin said...

Banks Stongly Oppose Cramdown Bill (Sen. 61)

Posted on April 30, 2009
Of course banks are against the bill. But the banks are shooting themselves in the foot.By forcing homeowners into foreclosure by refusing reasonable loan modifications and rejecting a cramdown will only serve to glut the housing market with an endless supply of REO houses...

American Banks and Lenders Shooting Themselves in the Foot in Opposing a Cramdown Bill

Posted on April 28, 2009
?Cramdowns? ? would give bankruptcy judges the power to modify the terms of mortgages for individuals who have filed for Chapter 13 bankruptcy protection. Judges would have the ability to reduce interest rates, lengthen loan terms, and cut principal payments on the residence...

DON'T SIGN AURORA LOAN or QUALITY LOAN SERVICES "Special Forebearance" Agreement without seeing a lawyer first!

Posted on April 27, 2009
Interestingly every borrower I know who has been desperately awaiting word from Aurora to get a loan modification received a letter offering them a "Special Forbearance Agreement."The terms generally are to pay for two or three months a lowered payment with a balloon payment of the balance of the arrearages paid in the third or fourth month...

Theoretically speaking. . . has anyone tried this yet?

Posted on April 26, 2009
California Civil Code Section 2923.5 and 2923.6 creates a duty by a loan servicer to protect the rights of all members in a security pool: California Civil Code Section 2923.6 (a) The Legislature finds and declares that any duty servicers may have to maximize net present value under their pooling and servicing agreements is owed to all parties in a loan pool, not to any particular parties, and that a servicer acts in the best interests of all parties if it agrees to or implements a loan modification or workout plan for which both of the following apply: (1) The loan is in payment default, or payment default is reasonably foreseeable...

ONE LAST SHOT TO GET A CRAMDOWN BILL PASSED - WE NEED YOU NOW EVERYONE!-

Posted on April 24, 2009
I am a member of the National Association of Consumer Bankruptcy Attorneys. We just received word from Maureen Thompson our Director for Legislation. She tells us that it looks the the cramdown bill, known as Helping Families Save Their Homes in Bankruptcy Act of 2009 (S...

Please pardon our construction...

Posted on April 23, 2009
Our blog is undergoing some maintenance and design changes. In the meantime, please do not hesitate to visit our main website located at www.lorgr.com.Thank you for your patience!The Law Offices of R. Grace Rodriguez 21000 Devonshire StreetChatsworth, CA 91311Phone: (818) 734-7223 Fax: (818) 572-8700E -mail: AskGrace@lorgr...