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  • What Is Dual Tracking?

    Aug 21, 2015
    What Is Dual Tracking?
    in Foreclosure Law

    Dual tracking is one of the most common ways that lenders unjustly foreclose on homeowners. Under recently implemented legislation in California, this unfair practice is officially illegal -- and one of the main ways you can fight back against your foreclosure. So, what exactly is "dual tracking?"

    For years, banks of all sizes used this unscrupulous technique to foreclose on individuals and families. The playing field has recently been leveled by the California Homeowner Bill of Rights, however, which very clearly condemns the practice of dual tracking.

    The same basic story has played out thousands of times in California alone. You purchase the home of your dreams. You dutifully pay your mortgage as expected. After a time, the unexpected hits: a medical event, the loss of a job, a drastic change in your financial picture. Suddenly, your regular mortgage payment is no longer affordable. Does this mean you are suddenly no longer entitled to live in the home that you have worked for so diligently?

    Of course not. This precise scenario is why options such as loan modifications and homeowner programs exist in the first place.

    Your lending institution, however, probably doesn't feel that way.

    To them, you are not an individual with a very unique and human set of circumstances. You are a line item on a profit/loss statement, a variable in a risk analysis portfolio, and thought of in stark terms as either an asset, or a liability.

    This mentality is how "dual tracking" arose as a primary tactic of lenders across the United States. Dual tracking describes a scenario where your bank "considers" your loan modification application, while simultaneously proceeding forward with the intention of foreclosing on your property. It is, quite simply, a feigned willingness to work with you, while behind the scenes they prepare to cut their losses and foreclose on you regardless of the loan modification's outcome.

    Although dual tracking was explicitly made illegal by the California Homeowner Bill of Rights, many lending institutions still practice this method while counting on the fact that homeowners are not aware of their rights.

    At JT Legal Group, we have successfully litigated on the grounds of unlawful dual tracking for hundreds of clients. And we're ready to fight for you and your home next.

    A free consultation with a licensed and experienced California real estate attorney regarding your specific foreclosure situation is available by calling :

    1-888-LAW-3111 Monday-Friday, 8am to 6pm.

    -- Michael Avanesian, Esq.

    Note: Attorney advertising. Nothing posted on this blog is intended, nor should be construed, as legal advice. Blog postings and hosted comments are available for general educational purposes only and should not be used to assess a specific legal situation. Nor does any comment on a blog post create an attorney-client relationship. The presence of hyperlinks to other third-party websites does not imply that the firm endorses those websites, their contents, or the activities or views of their owners.

     
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