In recent years we have seen the number of foreclosure sky rocket. California has taken a measure to help homeowners which takes effect January 1, 2013. “The California Bill of Rights will give struggling homeowners a fighting shot to keep their home,” said Attorney General Harris. “This legislation will make the mortgage and foreclosure process more fair and transparent, which will benefit homeowners, their community, and the housing market as a whole.”
California Homeowners Bill of Rights
It delays banks from the foreclosure proceedings when a homeowner has taken the steps toward a loan work-out.
It requires banks to provide borrowers with a single point of contact at the bank.
Fines maybe issued by the city against homeowners who do not properly maintain properties.
Renters of foreclosed homes have 90 days before eviction process starts.
A twenty-five dollar fine issued to servicers recording notice of defaults.
The State Attorney General can select a special grand jury to investigate financial crimes involving numerous victims.
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