For those of you in SC, there's good news this morning! The state Supreme Court has ruled that all foreclosure actions by banks must be halted as of May 9, until the lender can demonstrate that it has attempted to pursue either a loan modification or other loss mitigation action. This effectively does a couple of things. First, it requires that your bank work with you to try to achieve a loan mod or alternative action to avoid foreclosure. Second, it eliminates, for the present at least, the situation known as "dual tracking" that I talked about here just a few days ago. In cases where the lender attempts a solution with the borrower, but is unable to accomplish this, the ruling requires the lender to certify this to the borrower in writing. More info on this good news? Call your attorney, and if you don't have, or cannot afford one, call Legal Aid.
Good luck.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment