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 Potential Relief for Victims of the Foreclosure Crisis
 If you are a homeowner who is seeking relief from their current mortgage, it is imperative that you keep abreast of the latest developments in government assistance. The government is poised to provide assistance for certain types of mortgages. A centralized website and call center has been established for those in dire need of mortgage assistance.
This website provides troubled mortgage holders information regarding available mortgage assistance and counseling for any potential action that could improve the situation. The counselors are HUD approved. Spanish speaking counselors are also available.
The toll free number is 1-888-955-Hope
For more information visit: http://www.995hope.org/
Project Lifeline
The President recently announced an initiative, in conjunction with some of the nation's leading financial institutions, which is designed to assist those who are 90 or more days overdue on their mortgage payment. This initiative, Project Lifeline, will offer distressed homeowners an opportunity to pause the foreclosure process for 30 days. During this time the homeowner will have an opportunity to find an alternative to their current mortgage with one of the participating lenders. Initially, the lenders involved with Project Lifeline include Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc. and Wells Fargo & Co. For more information on the options available to you in dealing with your mortgage, first contact your lender, then any of lenders previously mentioned.
Possible Relief for Victims of Predatory Lending
Chain Younger is currently exploring assistance for the victims of predatory lending in violation of the Truth in Lending Act.
If you are currently in a loan and facing foreclosure, Chain-Younger may be able to assist you if your loan meets the following criteria:
- Your loan must be a refinancing of a home.
- The loan must have been taken out within the last three years.
- The loan cannot be a jumbo loan and must have been for less than the amount of $417,000.
- The property on which the loan was closed, must have been owner occupied.
If all of these criteria apply to your loan, please contact Chain-Younger at 323-4000 or toll free at 1-800-322-4529, or send an e-mail to: lawinfo@chainyounger.com
Engagement Rings and the Law
 Valentine's Day has come and gone with many couples experiencing their first stages of engagement. Traditionally, the marriage proposal is accompanied by an engagement ring. In an ideal world, newly-engaged couples remain happy as they plan their way towards marital bliss. However, in the event things don't go quite as planned, it might be practical to know what legal rights surround the engagement ring in the event of a breakup.
An engagement ring that accompanies a proposal is considered to be a gift given in the contemplation of marriage. The gift in the form of the engagement ring would not be given unless for the promise of a future marriage. There is a statute in the California Civil Code that addresses this type of gift:
California Civil Code
1590. Where either party to a contemplated marriage in this State makes a gift of money or property to the other on the basis or assumption that the marriage will take place, in the event that the donee refuses to enter into the marriage as contemplated or that it is given up by mutual consent, the donor may recover such gift or such part of its value as may, under all of the circumstances of the case, be found by a court or jury to be just.
According to the statute, the circumstances surrounding the breakup determine the proper owner of the engagement ring. The donor (the giver of the ring) may recover the ring or its value if the donee (the receiver of the ring) refuses to enter the marriage. The donor also has a right to recover the ring if the contemplated marriage is abandoned by mutual consent.
Although not explicitly stated in the statute, subsequent case law has determined that the donee of the engagement ring is entitled to retain the ring if the donor refuses to enter the marriage without any fault of the donee. Therefore, if the donor is the one who backs out of the wedding, the donor does not have the right to recover the engagement ring.
Even though the statute specifically applies to gifts given in contemplation marriage, general principles of fraud may still apply and affect any claim to recovery.
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