Realtist Plus Toastmaster Open House – Tuesday, July 2nd
Realtist Plus Toastmaster Open House – Tuesday, June 18th
SUMMER JOBS BEING OFFERED IN THE CITY OF LOS ANGELES
• Must be 14 – 21 years old
• Live in the City of Los Angeles
• Be Low-income
• Have a legal right to work
The City of Los Angeles has created a website for anyone who is looking for a summer job. Interested parties should register immediately via the website at www.summerjobsla.com.
The City has made this mandatory to be considered for a summer job, so please register as soon as possible. If you have any further questions, please contact the City of Los Angeles at (213) 744-9090.
Brass & Brass Enterprises, LLC., is ‘on-the-move‘!!! Yes, we are moving to our brand new office building. Check back for weekly updates on the progress of construction and photos.
Check out Brass & Brass’ own, Glenda Brass, Certified Distressed Property Expert in this month’s issue of http://www.lastylin.com/
IF YOU AS THE BORROWER ARE GOING TO EXERCISE THE 3-YEAR RIGHT-TO-RESCIND UNDER THE TRUTH-IN-LENDING-ACT (TILA), MAKE SURE YOU HAVE ALL THE FACTS OR YOUR MAY LOSE THE RESCISSION.
A borrower failed to state sufficient facts to use TILA’s extended three-year right to rescind her mortgage.
In the case, Wolf v. Federal Nat’l Mortg. Assoc., No. 11-2419, 2013 WL 749652 (4th Cir. Feb. 28, 2013), a borrower failed to state sufficient facts to use TILA’s extended three-year right to rescind her mortgage.
Nearly three years after refinancing her loan, and just a few days before the scheduled foreclosure sale, the borrower attempted to rescind her mortgage loan pursuant to TILA, based on arguments that the original lender under-disclosed certain material finance charges. The district court held that the borrower’s TILA claims were untimely because she failed to file a lawsuit within the three-year deadline. Since the district court’s decision was issued, the Fourth Circuit held in another case, Gilbert v. Residential Funding LLC, 678 F.3d 271 (4th Cir. 2012), that a borrower need not file a lawsuit seeking rescission within the three-year deadline but instead must only notify the lender that she is exercising her rescission right. The Fourth Circuit stated in light of Gilbert, the borrower’s claim had not necessarily expired and the relevant question centered on whether she had adequately alleged facts that the three-year deadline applied. The Fourth Circuit found that the borrower’s allegations amounted to bare assertions and presented no facts as to why the charges were unreasonable. The court also rejected the borrower’s argument that the lender had inadequately disclosed the right to rescind. The Fourth Circuit affirmed the district court’s ruling – on different grounds – and dismissed the TILA claims. The Fourth Circuit also held that the borrower had failed to state claims for fraud, defamation, breach of the implied covenant of good faith and fair dealing, and a claim that the assignment was invalid, thus invalidating the foreclosure sale.
On March 26, 2013 the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will offer a new, simplified loan modification initiative to minimize losses and to help troubled borrowers avoid foreclosure and stay in their homes. Beginning July 1, servicers will be required to offer eligible borrowers who are AT LEAST 90 DAYS DELINQUENT ON THEIR MORTGAGE an easy way to lower their monthly payments and modify their mortgage WITHOUT requiring financial or hardship documentation.
The new Streamlined Modification Initiative eliminates the administrative barriers associated with document collection and evaluation. Eligible borrowers must demonstrate a willingness and ability to pay by making three on-time trial payments, AFTER WHICH THE MORTGAGE WILL BE PERMANENTLY MODIFIED. Of course, if you document your hardship, the modification may be more advantageous to you, but this is really good news for struggling homeowners who have previously been denied!
Consumers may find out if their mortgage can be considered for a Home Affordable Refinance Program (HARP) refinance (HARP allows the refinance of upside down mortgages with some restrictions). One restriction is your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac. To determine if your loan is owned or guaranteed by Fannie or Freddie, check through the following link: www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx. If your loan is not a Fannie or a Freddie loan, your loan is not covered by the HARP refinance program; you may want to contact your servicer or lender to discuss refinance programs you may be eligible for.