California State Senators Mark Leno and Tem Darrell Steinberg authored SB 1275 which will help prevent loan servicers from foreclosing on homeowners who have requested loan modifications until a decision has been made about the mod and the homeowner has been notified.
As many of us have heard the horror stories, loan servicers have been initiating foreclosures on homeowners even when they have been actively trying to get a loan modification or even when they are in the middle of making payments on a trial loan modification.
This bill also helps the homeowner to seek limited damages against the servicer if they foreclose due to servicer error, which happens very often.
In short... ALWAYS seek the advice and help of a Real Estate Attorney!
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