San Diego Bankruptcy Law Firm. www.gobksandiego.com. 877-GOBK619

This blog is updated by San Diego Bankruptcy Law Firm. The blog is designed to educate consumers about their rights under the Bankruptcy Code.

Bankruptcy can STOP FORECLOSURE, ELIMINATE DEBT AND PROTECT YOUR ASSETS! Call us for a free consultation at 877-GOBK619 or 619-260-1800. Visit us at http://www.gobksandiego.com/.

We are a debt relief agency and help people file for Bankruptcy under the Bankruptcy Code.

Friday, July 20, 2012

Gov. Brown signs Homeowner Bill of Rights

By Nannette Miranda


SAN FRANCISCO (KFSN) -- California homeowners now have some of the best foreclosure protection in the nation. Governor Brown came to San Francisco Wednesday to sign a bill ending what he calls "abusive home lending tactics."

California has one of the highest foreclosure rates in the country and this new law is supposed to slow down that rate, but critics say that might slow down the markets' recovery as well.

"We're done. We're done with robo-signing. We're done with false promises. We're done with the runaround," Attorney General Kamala Harris, D-California, said.

Governor Brown signed into law the nation's toughest protections for homeowners facing foreclosure. Much of the national mortgage settlement agreed to by five banks earlier this year now apply to all mortgage providers doing business in California and make the terms permanent. "I find it almost incomprehensible that so many smart people and so many rich people could screw things up so profoundly and cause so much suffering and get off in many cases," Brown said.

Beginning January 1, the Homeowner Bill of Rights will:

--Ban "dual-tracking" (which is when banks pursued foreclosure even though the homeowner was seeking a loan modification)

--Require one contact person per customer

--Increase penalties for robo-signing (which automatically approves foreclosure without anyone reading documents)

--Let homeowners sue for violations

Read the full article here

No comments:

Post a Comment