HOMEOWNERS LOSE RIGHTS UNDER SENATE BILL 94!

The National Loan Modification Association on May 20, 2009, released the findings of its poll of the law firms and licensed companies within its membership ranks. The results of this poll showed that homeowners represented by an attorney or reputable firm consistently received better loan modification results, than homeowners trying to obtain a loan modification without legal or other professional help.

Considering this, it is amazing that California Senate Bill 94, authored by California Senators; Calderon, Corbett, Steinberg, Correa, and Florez, is designed to leave distressed homeowners without legal or other professional representation throughout the mortgage modification process. In other words, homeowners facing foreclosure and needing a loan modification to stay in their homes will have to survive on their own, without help. Exactly the way Banks want them, unfamiliar with their rights and defenseless!

According to the Senior Managing Director of America's Law Group, Wayne Farris, "This legislation is clearly designed to let the Banks win against homeowners who attempt to modify the terms of their mortgage. The Banks have attorneys on staff whose only job is to ensure the Banks get the best of any negotiation. After all, the fiduciary duty of the Bank is to the Bank's shareholders, not the homeowners to whom the bank gave the loans. By preventing these homeowners from paying an attorney a retainer to represent them against foreclosure, California SB 94 effectively castrates homeowners, and leaves them defenseless against the Banks and their attorneys."

A call into the Sacramento office of California Senator Calderon, resulted in an amazing admission by his staff. His committee staffer confirmed that SB 94 is in fact designed to prevent a homeowner in foreclosure, from paying a retainer fee to an attorney or anybody to advise or represent the homeowner against a bank. Considering the fact that Banks are not volunteering to modify mortgages for homeowners facing difficult times, and are instead doing everything they can to foreclose on distressed homeowners, this position by Senator Calderon is unconscionable.

It is the position of the National Loan Modification Association, that every homeowner has the right to modify the terms of their mortgage, especially when faced with foreclosure. The ability of the Banks with their armies of attorneys to foreclose on homeowners, who, if SB 94 passes, will be forced to fight without legal representation, means American homeowners will be forced from their homes at an alarming rate. The current foreclosure rates are scary but are nothing compared to what will happen. The only way to stop this from happening is to level the battlegrounds. American homeowners must be allowed to hire attorneys familiar with the complexities of real estate and contract law to represent them.

California Senate Bill 94 must be stopped. These California Politicians, Senators; Calderon, Corbett, Steinberg, Correa, and Florez, apparently the Bankers Five Best Friends, who allow their Banker Friends to hire and pay attorneys to try and force people from their homes, must be stopped. Nothing less than the future of thousands upon thousands of American homeowner’s homes is at stake. Today it is your neighbor down the street. Tomorrow it could be you. Would you want to go up against a Bank and their attorneys trying to force you from your home, without help?

For more information and to find out what you can do to stop this attack on American homeowners, contact the National Loan Modification Association (NLMA). www.NationalLoanModAssociation.org The NLMA can also be reached toll free at: 877-562-9004. The NLMA is the voice for a coalition of law firms and licensed companies, who believe every American homeowner should have the right to modify the terms of their mortgage contract, to allow them to stay in their home.

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