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SOURCE: Robert J. Jackson and Associates, Inc.
White paper discusses the litigation risk posed to the financial services industry by California’s Homeowners Bill of Rights, and concludes judicial foreclosures are a superior alternative.
Irvine, CA (PRWEB) March 06, 2013
Robert J. Jackson and Associates, Inc., a real estate law firm representing the mortgage servicing industry, has released a white paper detailing the substantial legal exposure that California’s Homeowners Bill of Rights places on the non-judicial foreclosure process. The white paper is intended to educate loan servicing professionals and the financial institutions that hire them, particularly their corporate counsel, and is available for download on the firm’s website at http://www.jandalegal.com.
The white paper explains how the Homeowners Bill of Rights adds an estimated $30,000 of legal exposure into each and every non-judicial foreclosure. A key point is that the new law changes long-standing legal doctrines in the state, making compliance with its provisions nothing more than a very expensive defense to borrower claims of wrongful foreclosure, while encouraging such claims through its private right of action.
“The industry’s focus on procedurally complying with the Homeowners Bill of Rights is misplaced,” said Scott J. Jackson, Executive Vice President of the firm. “The new law strips away protective legal doctrines that an entire generation of servicing professionals have come to rely on, making it much more difficult and significantly more expensive to resolve claims brought under the new law.”
The white paper concludes that the Homeowners Bill of Rights effectively kills the non-judicial foreclosure process it intended to reform, by making judicial foreclosures a cost-effective and time-efficient alternative.
About Robert J. Jackson & Associates, Inc.
A professional law corporation, Robert J. Jackson and Associates, Inc. is a real estate law firm focused on representing lenders, servicers, and financial institutions in mortgage default, foreclosure, and post-foreclosure legal matters. Throughout 2013, the firm is celebrating twenty years of providing high-quality legal advocacy to the mortgage servicing industry. More information about the firm is located on the web at http://www.jandalegal.com.
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