California Homeowners Bill of Rights Passes

The California Homeowners Bill of Rights has passed.  It was and signed into law July 10^th by Governor Edmund G. Brown Jr. and will take effect Jan 1st, 2013.  This Bill will protect homeowners and borrowers during the foreclosure process, thus giving homeowners the right to fight for their homes.  The Homeowner Bill of Rights prohibits a series of inherently unfair bank practices that have needlessly forced thousands of Californians into foreclosure.

·       Restrict dual tract – Banks cannot have a loan modification and foreclosure process going simultaneously.  The lender must choose 1 or the other.  So if you’re in the middle of the modification process, the foreclosure process must cease.

·       Single Point of Contact - It guarantees one single point of contact with the lender. You have someone you can call directly that will give you information on your specific situation instead of talking to different people each and every time you call. 

·       Homeowners can require loan servicers to document their right for foreclosure.

For more information, you can visit www.oag.ca.gov.

For all your Real Estate needs, call Homes & Beyond Realty Inc. 

Blanca Ramirez, (408) 608-8713, blanca@hbrealtyinc.com
Nidia Nuristani, (408) 836-2457, nidia@hbrealtyinc.com