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In early July, California governor Gov. Jerry Brown signed several provisions into law to "prohibit a series of inherently unfair bank practices that have needlessly forced thousands of Californians into foreclosure," according to the state Attorney General's office
Beginning January 1, 2013, aggrieved homeowners facing foreclosure can take their lenders and related parties to court.
It's not too early to begin prepping for the California Homeowner Bill of Rights.
Join HousingWire editor Jacob Gaffney with a one-on-one Webinar with one of the provision's key players, Brian Nelson, California Special Assistant Attorney General.
Regarding the Homeowner Bill of Rights Attorney General Kamala Harris said: "The California Homeowner Bill of Rights will give struggling homeowners a fighting shot to keep their home. This legislation will make the mortgage and foreclosure process more fair and transparent, which will benefit homeowners, their community, and the housing market as a whole."
One statute prevents banks from pursuing foreclosure while there is any effort on the part of the borrower to obtain a loan modification.
Another puts the onus of communication on the loan servicer — requiring serious effort to contact borrowers regarding the foreclosure process.
Avoiding these rules and otherwise not adhering to the new principles could be devastating to any mortgage servicer.
Find out what is expected of the mortgage industry; and what sort of penalties may be incurred for not following the letter of the law.
|Prepping-CA-Homeowner-Bill-of Rights_Brian-Nelson.pdf||1019.75 KB|
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