S.F. Chronicle publishes John Corcoran op/ed: "Feds should reject California's loan modification rule"

The San Francisco Chronicle today published Plastiras & Terrizzi attorney John Corcoran‘s op/ed, “Feds should reject California’s loan modification rule”:

Shortly before April 15, California lawmakers passed a bill that will provide relief to Californians who have lost their home to foreclosure, sold their home in a short sale or obtained a loan modification by conforming state tax policy to federal rules that do not tax homeowners for forgiven mortgage debt. That bill is a step in the right direction, but earlier legislation, SB94, which prevents anyone from taking up-front fees to negotiate a loan modification, definitely is not.

And now the Federal Trade Commission wants to take that bad law nationwide.

SB94 by Sen. Ron Calderon, D-Montebello (Los Angeles County) was designed to crack down on greedy loan modification companies that took thousands of dollars from desperate homeowners but produced few or no results for them.

Those consumers need protections. That’s why the measure passed by an overwhelming margin.

But the bill contained major flaws that have resulted in unintended consequences….

You can read more by clicking here.

The Chronicle published another article on the front page today which discusses the increasing frequency with which banks are pursuing second mortgage debt for individuals whose homes have already been foreclosed on:

California is a nonrecourse state, meaning lenders cannot pursue borrowers for unpaid balances on home-purchase loans. However, home loans not used for the purchase – home equity lines of credit and second loans taken out after purchase – are recourse loans, which means lenders are legally entitled to collect the unpaid balance. Depending on the type of loan, they have four to six years to pursue borrowers.

You can read the full article here.

John Corcoran is an Associate with Plastiras & Terrizzi law firm in San Rafael, California (Marin County).  He advises clients on real estate matters, small business issues, estate planning, and general civil litigation.  He may be reached at jcorcoran@ptlegal.com or (415) 472-8100 x211.

Comments

  1. It certainly is almost unthinkable to see well-updated individual on this niche, even though you come across as like you realize those things you’re covering! Regards

  2. I was wondering if you ever thought of changing the page layout of your site? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having 1 or 2 images. Maybe you could space it out better?|

  3. Hi to every body, it’s my first go to see of this weblog; this website carries awesome and truly excellent information designed for visitors.|

  4. I’ve been absent for some time, but now I remember why I used to love this site. Thanks, I will try and check back more frequently. How frequently you update your web site?

  5. It really is near not possible to come across well-qualified individual on this matter, unfortunately you look like you understand whatever you’re posting on! Appreciate It

  6. Might be practically unattainable to see well-advised parties on this area, fortunately you look like you understand the things that you’re writing about! With Thanks

  7. Hey There. I found your blog using msn. This is an extremely well written article. I’ll be sure to bookmark it and return to read more of your useful info. Thanks for the post. I will certainly return.|

  8. Enchanted Crystal Arrow is Ashe’s ultimate ability, which is a skill shot stun.

  9. long red prom dresseslos angeles airport terminalslongboards santa cruzlooney tunes spotlight collectionlori laughlin moviesloreal hair color dark brownlong hairstyles with layerslord of the rings box setloreal menlonely planet vietnam

  10. I’m impressed, I must say. Seldom do I come across a blog that’s both equally educative and interesting, and let me tell you, you’ve hit the nail on the head. The problem is something not enough folks are speaking intelligently about. Now i’m very happy that I found this in my search for something relating to this.|

Trackbacks

  1. go to says:

    Its hard to find good help

    I am forever saying that its difficult to find good help, but here is

Speak Your Mind

*