California is still reeling from the mortgage and foreclosure crisis. Many are in danger of losing their homes, and many more are feeling its effects with declining home values and the corresponding neighborhood blight. Still others are affected when the home they are renting is foreclosed upon.
The Homeowner Bill of Rights was recently approved by the Legislature. The Homeowner Bill of Rights resets the course and empowers homeowners with more tools to help them avoid foreclosure.
California homeowners need to be aware of their new rights under this law. It levels the playing field for California homeowners.
The Homeowner Bill of Rights legislation passed by the Legislature will help keep Californians in their homes by:
- Ending dual-tracking where one part of the bank is negotiating while the other is moving forward with foreclosure.
- Providing incentives for banks to engage in direct negotiations with homeowners for loan modification.
- Simplifying the short-sale process.
- Ending "robo-signing" by requiring a live person to verify whether a bank has the right to foreclose before foreclosure proceedings can begin.
- Allowing courts to require banks to take corrective actions before they consider selling a family's home out from under them.
- Providing a single point of contact for homeowners by requiring banks and creditors to provide an e-mail address, fax number and mailing address to submit required information.
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