California lawmakers pass historic foreclosure protections

by qinfokusuma 5. July 2012 16:18

State lawmakers approve what would be the nation's strongest legislation to help financially troubled borrowers stay in their homes. Gov. Jerry Brown is expected to sign them this week or next.

The legislation would make California the first state to prohibit lenders from "dual tracking," the practice of negotiating with clients to modify a mortgage so that payments become more affordable while simultaneously pursuing foreclosure. In such cases, homeowners can wind up being evicted even though they had been working with the bank to modify their loans.

The legislation, SB 900 and AB 278, also would simplify dealings between homeowners and their banks or loan servicers by requiring that clients be given a single representative to work with, helping to prevent bureaucratic runarounds.

CLICK HERE FOR FULL ORIGINAL SOURCE LINK

 

Homeowner's Bill Of Rights Clears State Legislature

by qinfokusuma 5. July 2012 14:36

A Success Website® Solution. ® and © owned by ConsulNet Computing Inc. 1998-2019.(All rights reserved)