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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 118783
Experience:  Attorney experienced in commercial litigation.
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I've been working with keep your home California and

Customer Question

I've been working with keep your home California and received some final papers. But in searching the internet I found a complaint where the people funding the loan to lower the payment were going to foreclose on the house. Have you heard anything else like this happening. Would yu be able to look at the paperwork sent to us and see if it is honest and above board.
JA: Since laws vary from place to place, what state is this in? And has any paperwork been filed?
Customer: West Covina Callif. Once I sign and return the paperwork they will file the documents and they can give the funds to lower my payment.
JA: Has anything been filed or reported?
Customer: I found one complaint on the internet and eeing as me my wife are 70 we don't want to commit to anything that will eventually cost us our home.
JA: Anything else you want the lawyer to know before I connect you?
Customer: no.
Submitted: 2 months ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 2 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Many people who are in the position to qualify for Need Your Home CA are in severe financial hardship. So, yes, when they qualify for the lower payment and agree to the program, the lender will foreclose if any payments are missed. Those claiming they were just foreclosed upon are not telling you the whole story, they are not telling you that before a lender can foreclose they must file suit for foreclosure and you have a right to go to court to object if your payments are up to date.
If you have any equity in the home, you may want to consider a reverse mortgage instead, which would get you cash now, you pay interest on the mortgage and at the death of both of you the heirs either pay the mortgage off or the lender gets the property. Of course, if you do not qualify for a reverse mortgage or there is insufficient equity you cannot do this.
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