6 California State Bills Concerning Foreclosure

By
Real Estate Agent with TIM LORENZ - Elite Home Sales Team DRE# 00919781

6 California State Bills Concerning Foreclosure

California has 6 new bills concerning foreclosure they propose to:

  • End the process in which homeowners are continually passed frome one bank officer to another as well as a "dual track" practice of foreclosure and and loan modification.
  • Creating "robo signing" penalties.
  • Fining the lenders that allow properties to get blited.
  • Provisions to allow tenants more time to relocate.

These are in the new proposed bills.  Expect major resistance by the big banking lobby.

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Topic:
Real Estate Market Trends
Location:
California Orange County Mission Viejo
Groups:
RealtorsĀ®
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Posts to Localism
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Tags:
mortgage melt down

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Rainmaker
1,294,368
Jon Kolsky
Kolsky Realty & Management - Long Beach, CA
Licensed California Real Estate Broker

Thanks for the update, always good to know!

Mar 04, 2012 02:04 AM #1
Rainmaker
519,075
Harrison K. Long
HomeSmart, Evergreen Realty - Irvine, CA
REALTOR , GRI, Broker associate, Attorney

Tim .. One of the bills proposed by CA AG Harrison is to add $25 for each notice of default to start a foreclosure. 

This won't help resolve the many pending foreclosures in CA.  I don't agree that we should make it more challenging for lenders and lienholders to start foreclosures just because we have lots of them going on here in CA.  So I and probably others will oppose this bill.

Mar 04, 2012 06:05 AM #2
Rainmaker
1,022,697
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

You are entirely welcome Jon.

Mar 04, 2012 09:20 AM #3
Rainmaker
1,022,697
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

No actually the $25 dollar fee is quite small but I do agree with you.  The policing the blighted area.

Mar 04, 2012 09:22 AM #4
Rainmaker
854,383
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

As in any piece of legislation there are many parts that will work and many that will not.  That is why they get amended.

Mar 05, 2012 10:54 AM #5
Rainmaker
1,022,697
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Thanks Mark for comming by.

Mar 05, 2012 02:53 PM #6
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Rainmaker
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Tim Lorenz

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