Senate Bill 1137 was approved by the governor today. This bill was actually opposed by the California Association of Realtors and a coalition of other organizations - they felt the bill was too broad and posed too many legal compliance issues. Not sure if the bill was amended from the original scope...
There are some needed provisions in this bill - such as 60 day notice to vacate to tenants of foreclosed properties. Other highlights include that the lender may not file a Notice of Default until 30 days after contact is made with a borrower (or documented several failed attempts to contact the borrower) and a meeting (in person or via phone) is conducted to review alternatives to foreclosure. You can read the entire bill here.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment