Homeowners of foreclosed properties are often so desperate to find a way clear of the situation that they can fall victims to the unscrupulous. For renters the only difference being they usually become victims much sooner and are often unaware until they find out they’re homeless.
The current surge of foreclosures has been said to be the worst since the Great Depression. A shockingly increasing number of foreclosed single family homes, at least one fourth according to the California Apartment Association (RealtyTrac.com puts this figure at close to 38% nationwide), are tenant or non-owner occupied. These families often have little or no warning that their home is staggering towards foreclosure.
The protections in SB 1137 signed yesterday by California's governor include
mortgage lenders must contact California home borrowers to explore loan modifications by phone or in person before starting foreclosure proceedings
increases the eviction notice period from 30 to 60 days for tenants in foreclosure situations.
Wow, sounds good. So many are because people 'bought' second homes, but with the economy downturn, suddenly will make sure their home is paid, but let the 2nd home go into foreclosure. I like the sounds of this bill!
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cool sounds like somebody is doing something oither than bailing out guys who later end up on the news in handcuffs,