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Senate Bill 1275 A Foreclosure Relief Measure That Was Needed In The Beginning
Senate Bill 1275 A Foreclosure Relief Measure That Was Needed In The Beginning
The California Senate approved a new foreclosure bill last week with a 21 to 12 vote and sent it on to the Assembly for review.
Santa Rosa,
CA,
United States of America
(prbd.net)
08/06/2010
"The California Senate approved a new foreclosure bill last week with a 21 to 12 vote and sent it on to the Assembly for review."
The California Senate approved a new foreclosure bill last week with a 21 to 12 vote and sent it on to the Assembly for review. The legislation lays out two major provisions intended to deter lax behavior on the part of servicers and prevent avoidable foreclosures in the state, which continues to post one of the nation’s highest foreclosure rates.
The bill would provide a means of recourse to homeowners whose homes were lost to foreclosure due to serious servicer errors, and it would prohibit servicers from starting the foreclosure process until a homeowner has received a final decision on their modification.
The Center for responsible lending put out the following statement - the confusion and errors that cost Californians their homes, are devastating to the state’s housing market, but are avoidable we need this measure to sop further deterioration of the California housing market.
http://www.youtube.com/watch?v=RtY9qfLFrqY
If a borrower’s home is sold in foreclosure due to servicer error, there is currently no means by which to seek recourse. The bill, SB 1275, authored by Sen. Mark Leno (D-San Francisco) and Senate President Pro Tem Darrell Steinberg (D-Sacramento), seeks to change this by providing recourse through what is known as a private right of action This would allow eligible homeowners to seek limited damages which are directly related to the severity of the servicer’s errors, or, in some cases, would allow the homeowner to reverse the foreclosure sale all together.
For more information on this or other foreclosure measures that are making their way through the system follow Jeffrey Martino Young's daily web blogs at http://www.fhasubmissions.com or contact us toll free at 1-877-870-2676.
Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404
1-877-870-2676
jyoung@essexmortgage.com
http://www.fhasubmissions.com
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