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California Short Sale Dual Tracking 2018

The Homeowner Bill Of Rights ( HOBR ) has some new rules that automatically go into effect Jan. 1, 2018. Beginning then the dual tracking prohibition applies to all applications for all foreclosure prevention alternatives so this means short sales and other reviews fall under this.

Here are only a few of the interesting changes and I suggest you read the most to date version of HOBR for all the information.

Section 2924.11,  prohibits recording a notice of sale ( NOTS ) or conducting a foreclosure sale upon receipt of a “complete application for a foreclosure prevention alternative.” Starting Jan. 1, 2018, the dual tracking prohibition applies to all applications for all foreclosure prevention alternatives.

Section 2924.11 does not require an appeal period following a written denial. Instead, the denial of a first lien loan modification application shall state with specificity the reasons for the denial and shall include a statement that the borrower may obtain additional documentation supporting the denial decision upon written request to the mortgage servicer. Oddly, the new Section 2924.11 does not appear to prohibit recording a Notice of Default when there is a pending complete foreclosure prevention alternative. However, the CFPB rules do.

Section 2923.6(g) excused servicers from having to review multiple loan modification applications that did not involve a “material change in financial circumstances.” This provision will be gone at years end. This may affect Wells Fargo Rentry team or other servicers but that is yet to be seen on how this will be truly handled.

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