February 10, 2013

The California Home Owners Bill of Rights (CHOBR)

By Timothy Stull (http://www.fresh-start.co)

Recently many questions have surfaced in our office about CHOBR.  What is it?  What can it do for me?  Who governs the program?  These questions carry very complex answers…..answers many people do not want to hear.  Though the intention of CHOBR was to ultimately protect the homeowner for abusive foreclosure tactics….it essentially harms more than it hurts.  The structure of CHOBR makes it impossible to foreclose if a homeowner is in the modification process ~ no more double tracking.  Furthermore, it states that all loan modification cases must be worked by a bank rep that has the authority to make decisions ~ no more passing the file around in attempts to just collect money on the file.  If banks fail to follow these rules, they are subject to huge fines and sanctions.  Though this may seem like ultimate protection for the home owner, it actually places them in serious jeopardy.  Banks and mortgage servicers are quick to deny modification requests….or they simply will not let you apply for a modification at all!!  Please keep in mind that banks are not obligated to offer modification assistance and HAMP ends this year.  Fast rising prices in California and low housing inventory add even more pressure to this arena.  Banks are simply shutting the gate quickly on modification requests.  You will need serious fire power to blast through the gate….you will need serious leverage to break in or you will be sunk.  Forcing your way in through Federal Complaints & FDCPA violation complaints may be the only way to assure that your modification will be processed.  Aggressive defense and pursuit via complaint has been the only way any modification requests have been approved in California recently.  The days of any voluntary cooperation are over!!  As always, feel free to call our office at 877.297.7011 for more information.

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3 Responses to “The California Home Owners Bill of Rights (CHOBR)”

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