Happy New Year!

2011 was a year filled with many wonderful accomplishments here at The Gibbs Law Firm, APC, but also one filled with many challenges. Our firm’s accomplishments this past year include the confirmation of every-single Chapter 13 bankruptcy we filed in 2011 (with the exception of one case filed late in 2011, which is still pending a confirmation hearing); successful discharges in all but one Chapter 7 bankruptcy case we filed  in 2011 (with the one case not discharged currently in the process of an adversarial proceeding which is holding up the discharge), and the counseling of hundreds of homeowners facing foreclosures, short-sale or other issues related to distressed property. I feel good that in 2011 we made a big, positive difference in the lives of a lot of people.

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Bank Of America Halts All Foreclosures – Breaking News

**BREAKING NEWS** Today, Bank of America announced that it is temporarily suspending all residential foreclosures in all 50 states to allow then to further investigate reports of widespread fraud in the mortgage loan servicing industry’s handling of foreclosures. This represents a giant leap forward for consumers who have for years complained that mortgage loan servicing companies have ignored all laws related to mortgage underwriting, servicing and foreclosure. In recent days, several mortgage giants – GMAC, its parent Ally Bank, Chase and PNC have all voluntarily suspended foreclosures, but only in states where judicial foreclosure is required. Bank of America appears to be the only bank who has ceased all foreclosure activity pending its own investigation [more . . .]

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Recent Developments in Real Estate

Recently, Real Estate Law has seen some important changes, including:

The California Senate and Assembly have passed S.B. 1178, and it is now awaiting signature by the Governor. S.B. 1178 helps to clarify and extends protection from deficiency after a foreclosure. Presently, the holder of any mortgage that was in-fact used to pay the purchase price of the real estate which serves as collateral for the mortgage, is prohibited from seeking a deficiency judgment post-foreclosure. This is true whether the loan is a first, second or third mortgage. [more . . .]

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