Nova Dean Pack is an attorney licensed with the California State Bar since 1974. The Law offices of Nova dean Pack have taken a stand of advocacy for homeowners who have been affected by the current financial crisis.
Homeowners who are experiencing hardships due to a loss of job or cut in income or who's mortgage(s) has recently adjusted may qualify for one of the various programs available to homeowners.
Hope For Home Owners (H4H)
On October 1, 2008 the U.S. Department of Housing and Urban Development (HUD) instituted the Hope for Homeowners Program. This program was designed to help those homeowners who have or are experiencing any of the following situations:
Their mortgage exceeds the value of their home.
They are on an adjustable rate mortgage.
They have a high fixed interest rate.
They are behind, or in foreclosure.
May have income/job issues.
The program effectively reduces the current mortgage (including second mortgages, late payments, attorney fees, and etc) to 90% of the homes CURRENT market value based on a FHA approved appraisal. This can save tens of thousands in mortgage balance, and hundreds to thousands in mortgage payments.
Credit score does not matter, and even homes in the foreclosure process qualify. These are the lowest 30 year FIXED rate mortgages with NO prepayment penalties and these new loans are also FHA insured. If you cannot afford your current loan, do not own a second home, and your mortgage was originated before 2008; you can qualify for help with this new program.
Loan Litigation
The Law office of Nova Dean Pack provides forensic audits to examine and find any possible defects or irregularities in the truth-in-lending and HUD-1 documents you received at the close of escrow when you originally received your mortgage loan. We audit the Annual Percentage Rate (APR) and the closing costs for regulatory compliance. If the truth-in-lending statement doesnt match the HUD-1 closing-cost sheet you received at closing, or if the APR is not accurately stated, you might have a cause of action against your lender that holds a mortgage on your property. This procedure may yield results that may be used to pursue litigation or may be leveraged when negotiating with the lender to grant a beneficial loan modification.
Forbearance
The Law office of Nova Dean Pack can often negotiate a forbearance agreement with your lender. Most mortgage lenders will initially try to entice borrowers with a forbearance agreement. This type of arrangement calls for the borrower to catch up the back payments, fees, and interest over a very short period of time (usually three to twelve months). The result is a much higher monthly mortgage payment and often a large lump sum up front to initiate a forbearance agreement. If the homeowner client cannot make the current mortgage payments, how will the homeowner client make even a larger monthly payment? Thus, this usually is not the best option.
Loan Modification
The Law office of Nova Dean Pack believes the best solution is a loan modification if the client desires to keep possession of his or her home. In situations where the mortgage lender has been convince by our law firm that a repayment plan or forbearance is the appropriate course of action, a loan modification is often considered and successfully negotiated with your lender. A loan modification involves changing one or more of the terms of a mortgage in order to help you bring a defaulted loan current and prevent foreclosure. This option generally is considered for homeowners whose financial problems are expected to be more long term. Often, your payments will be lowered through a new lower interest rate, which will bring down your payments. We will inform you of the negotiations being done, but you, as the client, will have the final decision to accept or reject the loan modification terms agreed by your lender.
9229 Utica Ave. Suite 100 Rancho Cucamonga,
California 91730
California State Bar License #62338
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