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California Homeowner Bill of Rights Signed today by Governor Brown.

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Managing Real Estate Broker with Property Management & Sales at REALTY WORKS TEMECULA, CA 92590 (951) 217-6745 01233850

California Homeowner Bill of Rights Signed today by Governor Brown.
This law will generally come into effect on January 1, 2013 and only pertains to first trust deeds secured by owner-occupied properties.Some of the key provisions are.....

  • No Dual Tracking During Short Sale
  • Providing a Single Point of Contact
  • No Dual Tracking During Loan Modification
  • Notifying Borrower Before NOD
  • Legal Remedies for Borrowers
The full text of this new law which is known as Senate Bill 900 and Assembly Bill 278 is available at this link.

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Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

I am not familiare with the term "dual tracking"  can you explain what that refers to?  I hope that this legislation will be of benefit to homeowners.

Jul 11, 2012 11:02 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Nice of you to get the word out, Sidney. (I'm with Joan--what's 'dual tracking?')

Jul 11, 2012 11:10 AM
Sidney Kutchuk
Property Management & Sales at REALTY WORKS TEMECULA, CA 92590 (951) 217-6745 - Temecula, CA
Property Management & Sales Experts 951-217-6745

Dual Tracking is when the seller's lender puts them in two or more programs at the same time.
Example....

The homeowner requests a loan modification from the lender and a while the loan mod is in progress the lender is also continuing to foreclose. The homeowner is thinking their safe while they are in the loan mod program and the bank/lender goes forward and forecloses on the seller's. This is called "Dual Tracking".

Under this new law the banks can only have you in one process at a time and the seller will be given clear notice as to what program they are in and wil also have one one point of contact with the lender.

Jul 11, 2012 03:55 PM
Bas Panch
SCV Home Buyer - Valencia, CA

Hi Sidney,

Thanks for sharing this information! And also for that explanation about dual tracking, I have to admit I didn't know that myself. Keep up the good work as a top Temecula short sale agent!

Jul 12, 2012 12:34 PM
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Hi Sidney,you got my attention here.Thanks for making us aware about California Homeowner Bill of Rights .I always enjoy picking up informative subject such as this one.Keep it up being the expert Temecula Short Sale Agent. 

Jul 14, 2012 10:12 PM
Petra Norris
Lakeland Real Estate Group, Inc. - Lakeland, FL
Realtor, Lakeland FL Homes for Sale

Hello Sidney,this is really informative blog.Thanks for sharing this to us.Just dropping by to wish you good luck on your business and Stay the best Temecula Short Sale Agent.

 

Jul 19, 2012 05:47 AM
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SidneyKutchuk

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Temecula Short Sale Specialist. Blogs of my TEMECULA and MURRIETA SHORT SALE Experiences. Come with me thru my many trips via email,phone & faxes with the banks,lenders and my clients during my Temecula & Murrieta short sale transactions... Sidney Kutchuk Temecula Short Sale Specialist. www.RealtyWrks.com (951) 217-6745 41720 Winchester Rd #J Temecula Ca 92590 www.aShortSale.com www.Temecula-ShortSaleAgents.com

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