Timothy Y. Fong focuses his practice on foreclosure defense, real estate and consumer bankruptcy.
He has extensive experience in foreclosure litigation, representing homeowners and small real estate developers. Mr. Fong writes extensively on politics and foreclosure issues, and among other places has been published on one of the top finance blogs, Naked Capitalism.
Mr. Fong is a graduate of the University of San Francisco School of Law, and completed his undergraduate education at UC Berkeley.
Know When To Get Help
In life, it’s important to know when a situation has exceeded your ability to deal with it. This is not an easy thing to admit; I, for one, certainly don’t like doing it.
Everyone has the experience of attempting a project that seemed easy at first, but ended up becoming very difficult. It’s one thing to do that with ah hobby. If you start building a model kit and it turns out you lack dexterity and patience, you can always stop and throw it away.
You cannot do that with your primary residence or investment real estate.
I often speak with people who have already entered foreclosure, and whose house is either up for sale within days, or has already been sold. Many times, those people have cases that would be pretty strong. Unfortunately, when a foreclosure sale is days away, it is difficult to fully investigate a case and prepare the best possible defenses. Post-sale cases are even more difficult, because courts are often reluctant to reverse a sale, especially when there is a new, non-bank buyer.
Generally the property owner has for some time tried to negotiate with the bank on his/her own, or hired low price, “bargain” counsel. Sometimes the property owner has hired someone who is not even a licensed attorney. Rather, they hire someone who claims to “understand the process.” Unfortunately the bargain price counsel, and the “understand the process” guy usually don’t know what they’re doing— and this creates even more problems.
Of course, there is a simple way around it. Hire competent counsel at the outset. Understand that when you’re negotiating with a bank over your home, you are most often dealing with a predatory entity that simply doesn’t care about your earnest demeanor, master’s degree in computer science, or “getting to yes” negotiation seminar tactics. It’s the equivalent to trying to add a third story to your house by yourself with a few DIY books, and then when you get into trouble, you hire an unlicensed contractor to fix the problems.
Anyone can see the danger — if the poorly constructed third story collapses it could destroy the house and injure (or kill) the occupants. A poorly constructed negotiating/anti-foreclosure strategy is the same. When it collapses, it takes out everyone. I’ve seen that all too many times— people I could have helped if they had not waited so long to contact me. If you want to build a strong anti-foreclosure strategy and negotiate with your bank, contact me today for an expert consultation.Add a comment Add a comment
Recently, I worked with a team of activists and community organizers to save a national historic landmark in Oakland, California-- Liberty Hall. The building's main tenant was the non-profit Overcomers With Hope [OWH]. OWH's landlord had allowed the building to go into foreclosure, and OWH. The campaign was indisputably a team effort.
You can read the full story here:
The Save the Liberty Hall campaign used publicity and organizing tools to draw in community support and other non-profit allies. With so many people and organizations giving support, we were able to
1. Convince Citigroup to lower the price of the building.
2. Raise funds to buy the building back from Citigroup.
My small part of the campaign was to provide expert advice on the foreclosure process, and how best to approach Citigroup.
If you are struggling with a loan modification, or facing foreclosure, contact my office today. Find out how my expertise can work for you.Add a comment Add a comment
I was interviewed by J.A. Myerson for an article, “It’s Exactly The Opposite!”: MMT versus “Reality”.
The article discusses Modern Monetary Theory, aka MMT, and why we can have full employment now. That's right, the reason we have unemployment, evictions and foreclosures is because our so-called leaders make bad policy choices. From the article:
What had hooked Fong was MMT’s explanation for why the dollar has value, which he encountered on the heterodox economics blog Naked Capitalism. Stephanie Kelton, professor in the economics department at University of Missouri–Kansas City and a leading MMT-er, describes the dollar as “a tax credit.” If the only thing the government will accept in tax payments is the U.S. dollar, anyone living or doing business in this country has to try to earn dollars, and dollars are therefore valuable. “When I started reading about MMT, it was like a lightning bolt,” Fong said, “Like, ‘Oh, that’s why.’”
Lighting bolts. Something we need more of in daily life.Add a comment Add a comment