Saturday, July 7, 2012

Sacramento Helps Sinking Borrowers Stay in Homes

This week we saw some major developments in Sacramento in regards to the State of California through Governor Brown, will protect mortgage holders from foreclosure and aggressive bank practices such as, home seizures while the homeowner is in the negotiating process to lower the mortgage payments.  
Through a pair of Assembly and Senate bills known as AB 278 and SB 900, the state is preparing for some of the toughest restrictions and regulations in the country regarding banking industry practices while dealing with a homeowner experiencing financial hardship.

Key parts of the bills passed by the state Legislature:
  • Prohibit lenders from "dual tracking," or pursuing a foreclosure even though the homeowner is negotiating to modify the mortgage loan.
  • Outlaw "robo-signing," or mortgage servicers' improper or faulty processing of foreclosure documents.
  • Allow homeowners and state agencies to sue financial institutions for economic and civil damages, under limited circumstances.
  • Require banks and loan servicers to provide a single representative for a borrower to work with, to prevent bureaucratic mazes.
If you or someone you know is experiencing financial hardship and unable to fulfill the terms of the deed, call me for a confidential conversation to assess your alternatives in today's real estate market.

1 comment:

  1. The blog very beautifully explains the points mentioned in the bill passed by State Legislature. The clauses of bill are helpful to both- property lenders as well property buyers. To get some more knowledge regrading buying and selling property and real estate, visit us


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