All eyes
in the nation now turn to California as Governor Jerry Brown signed into law
today, Wednesday, July 11, 2012, the Homeowner Bill of Rights to help struggling Californians keep their
homes. This law aims to avoid foreclosure where possible to help stabilize
California's housing market and prevent the other negative effects of
foreclosures on families, communities, and the economy. The new law will
generally prohibit lenders from engaging in dual tracking, require a single
point of contact for borrowers seeking foreclosure prevention alternatives,
provide borrowers with certain safeguards during the foreclosure process, and
provide borrowers with the right to sue lenders for material violations of this
law.
This law will generally come into effect on January 1, 2013. It only pertains to
first trust deeds secured by owner-occupied properties with one-to-four
residential units, unless otherwise indicated below. "Owner-occupied" means the
property is the principal residence of the borrower and secured by a loan made
for personal, family, or household purposes.
The full text
of this law, also known as Assembly Bill 278 and Senate Bill 900, is available
at www.leginfo.ca.gov.
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