Business Law

The Revenge of the HELOCs: Another Foreclosure Crisis?

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The Consumer Financial Services Committee will be holding a meeting on 
Thursday, March 21, from 11:30 to 12:30

Conference Line Info:
Dial In: (855) 520-7605
Conference Code: 9085 062 381#

Our very own Julie Greenfield will be presenting on “The Revenge of the HELOCs: Another Foreclosure Crisis?” (presentation attached). She recently presented this to the Orange County Bar Association and we are lucky to have the opportunity to hear it too!

Her presentation will be about the foreclosure of HELOC seconds that date back to 2005 or before that were charged-off or discharged in BK. Servicers are now foreclosing on these seconds because home values have increased sufficiently to cover the first and second. Homeowners are unaware that the deeds of trust on these old HELOCs and still viable and enforceable.


Julia Leah Greenfield, Binghamton University (B.A. 1973) Villanova University School of Law (J.D. 1976), State Bar of California (1982) and the Commonwealth of Pennsylvania (1976), has been a mortgage banking attorney for 43 years. She is presently a solo practitioner specializing in mortgage banking, regulatory compliance and lead generation.

From 1996-2008, she had been General or Senior Regulatory Counsel with several of the largest nationwide wholesale and retail subprime and Alt A mortgage lenders based in Orange County, California.

Prior to 1996, she was in-house counsel with several large federal savings banks including California Federal Bank and Home Savings of America. In all of these in-house positions, she was responsible for legal issues affecting mortgage loan origination and servicing compliance.

Ms. Greenfield has focused her mortgage banking practice on federal and state regulatory compliance ranging from licensing, brokerage and origination to servicing, foreclosure alternatives, sale of loans and repurchase demands. She also represents Licensees who are subject to the discipline of the California Department of Real Estate and Department of Business Oversight.

A great deal of her practice now is serving as an expert witness in litigation involving TILA, RESPA, wrongful foreclosures, denial of foreclosure alternatives under RESPA and HBOR, mortgage origination, mortgage servicing and title issues involving residential and commercial real estate secured loans.

She is a member of the American Bar Association Business Law Section Committee on Consumer Financial Services since 1977 and the Conference on Consumer Finance Law since 2001. She was previously a member of the State Bar of California Consumer Financial Services Committee from 1991 to 1998 and from 2009 to 2013. She has just accepted an invitation to join the Fellows of the American Bar Association who assist the ABA in research and policy-making.

Thank you for your continued support of the Committee.

Best regards,

Consumer Financial Services Committee

Co-Chair Jeanette Quick 

Co-Chair Sarah Hibbard

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