Explaining HBOR’s requirement of a Single Point of Contact

California Civil Code §2923.7, which is part of the set of laws commonly referred to as the Homeowner Bill of Rights (“HBOR”), requires that a loan servicer assign a Single Point of Contact (“SPOC”) to a borrower.  While this may seem clear in the abstract, actually applying this requirement in the real world is a …

Survivor Bill of Rights Will Curb Foreclosure On Heirs In 2017

SB 1150, also known as the Homeowner Survivor Bill of Rights (SBOR) takes effect in January 2017 after being signed by Gov. Jerry Brown.  The bill’s objective is to provide struggling widows and other property heirs with protections against foreclosure, including protections similar to those given to homeowners under the Homeowner Bill of Rights (HBOR) in …

The Verdict Is In – Updated

BAKERSFIELD, CALIFORNIA (PRWEB) OCTOBER 26, 2016 A federal jury in Bakersfield, California awarded $39,642 in economic and statutory damages and $300,000 in emotional distress damages against Ocwen Loan Servicing, LLC (“OCWEN”) in favor of Frank and Dora Cornejo (Case No. 1:15-cv-00993-JLT, U.S. District Court for the Eastern District of California, Bakersfield Division).  After post-judgment briefing, …

BofA Unveils New Principal Reduction Program

Bank of America has unveiled a new program that will forgive up to 30% of principal for distressed borrowers. “Bank of America Corp. has begun notifying some of its most troubled mortgage customers that it will reduce the amount they owe by as much as 30% if they make lowered payments on time over a …

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