July 12, 2012
Updated Jul 12, 2012 at 11:59 PM PDT
A new report shows California now leads the nation on foreclosure activity for the first time since 2005. But a new state law is trying to change that. California's homeowner bill of rights restricts bank lenders from practicing "dual track." This means they can no longer pursue a foreclosure, while the homeowner is negotiating to modify the mortgage loan. The law also allows homeowners to sue financial institutions for economic and civil damages. It prohibits "robo-signing," or the improper processing of foreclosure documents. It also requires lenders to assign a single representative who knows about the case to each borrower.
TXT 24
Twitter
Facebook