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Frequently asked questions on the California Homeowner Bill of Rights
2013 LOSS MITIGATION UPDATE!
The new law (SB 900 / AB 278) was passed into law earlier this year and is effective January 2013.  You can see a quick overview of the law by click on this link:
CALIFORNIA HOMEOWNER BILL OF RIGHTS
1.  What does the law protect against?  Here are the broad strokes:
No dual tracking foreclosures Servicers must have single point of contact with borrower Servicer must halt foreclosure upon reeiving a completed loan mod package Servicer must acknolwedge receiot of documents from borrowers Denails of loan mods must be in writing with an opportunity for appeal There are injunctions available for materkal violations If borrower is prevailing party there is chance to seek attorney fees Up to $7,500 civil penalties may be assessed for robosigning Interesting new law.     2.  What will this law likely do and what impact will it have?   May make the loan modification process more sane and fair.  Will it lead to reduced foreclosures?  Who knows.  There are build in defenses for the servicers such as correction of mistake and compliance with the national mortgage settlement.  So we will have to wait and see how this one unfolds in the Courts. ... more

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