California’s “Homeowner Bill of Rights”—Be Aware of Your Obligations

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The California Homeowner Bill of Rights became law on January 1, 2013. It was created “to ensure fair lending and borrowing practices for California homeowners,” and is the byproduct of a “Mortgage Fraud Strike Force” created in May 2011 to investigate and prosecute misconduct at all stages of the mortgage process.

All those in the California commercial real estate industry must be conversant with the law’s key provisions. They include:

Restriction on dual-track foreclosure: Mortgage servicers are restricted from advancing the foreclosure process if the homeowner is working on securing a loan modification. When a homeowner completes an application for a loan modification, the foreclosure process is essentially paused until the complete application has been fully reviewed...

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Topics:  Foreclosure, Homeowner Bill of Rights, Mortgages, Tenants

Published In: General Business Updates, Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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