California Senate OK’s Foreclosure Bill

The California state senate approved a bill on Monday aimed at slowing the drastic rise in foreclosures in the state, ending months of debate on the bill and signing it into action. California has had one of the worst foreclosure problems in the country, and currently holds the highest inventory of foreclosed homes out of any state with over 55,000 properties currently on the market.

Under the new legislation, lenders are required to try to notify a homeowner at least three times before issuing a Notice of Default. The lender would then be required to review the situation with the homeowner and discuss their options for paying off their debt and getting out of the default situation. By slowing down the process in this manner and making clear attempts to aid the homeowner, officials hope that more people will be able to keep their homes.

The bill also institutes a 30-day waiting period after lender contact for the homeowner to begin taking steps to remedy their situation, and contains measures to help maintain homes after they have been vacated due to foreclosure.

Find information about:

• Los Angeles Foreclosure Homes
• San Francisco Foreclosure Homes

Related Posts:

• Senate Banking Committee Approves Foreclosure Bill
• Enhanced Foreclosure Help Program Takes Effect in California
• HUD Secretary Bernardi Calls for Compromise on Foreclosure Bill
• Foreclosure Prevention Tips
• Public Auction of Foreclosures in California Spiked Again