New California Law Will Stop ‘Abusive’ Home Lending

July 11, 2012 4:24 PM

Reporting Randy Paige

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LOS ANGELES (CBS) — Gov. Jerry Brown signed a law Wednesday that he says will make mortgage companies play it straight with their customers.

The Homeowners Bill of Rights will prohibit dual track foreclosures, where banks appear to be working with homeowners to keep them in their homes on the one hand, while processing foreclosure proceedings on the others.

“Playing straight means that when you’re modifying a loan, you don’t behind their back start foreclosing and kick ‘em out of the house,” Brown said.

The law will also provide protections for renters who are leasing homes that are subject to foreclosure and provide homeowners with a single point of contact at the bank for loan modifications.

Brown signed the legislation in Los Angeles.

New California Law Will Stop Abusive Home Lending

http://kansascitycouponsnews.us/?p=4762 New California Law Will Stop ‘Abusive’ Home Lending – CBS Local | Kansas City Coupons News

[...] New California Law Will Stop 'Abusive' Home LendingCBS LocalIt prohibits lenders from seizing a home while considering homeowner requests for alternatives to foreclosure. It also lets homeowners take legal action to stop foreclosures and seek monetary damages if a lender violates state law. Lenders and …and more » [...]
http://foreclosureonlinenews.com/new-california-law-will-stop-abusive-home-lending-cbs-local/ New California Law Will Stop ‘Abusive’ Home Lending – CBS Local | Foreclosure Online News

[...] New California Law Will Stop 'Abusive' Home LendingCBS LocalIt prohibits lenders from seizing a home while considering homeowner requests for alternatives to foreclosure. It also lets homeowners take legal action to stop foreclosures and seek monetary damages if a lender violates state law. Lenders and …Gov. Signs Law On 'Abusive' Home LendingKGTV San Diegoall 23 news articles » [...]
http://foreclosure-news.us/new-california-law-will-stop-abusive-home-lending-cbs-local/ New California Law Will Stop ‘Abusive’ Home Lending – CBS Local | Foreclosure News

[...] New California Law Will Stop 'Abusive' Home LendingCBS LocalIt prohibits lenders from seizing a home while considering homeowner requests for alternatives to foreclosure. It also lets homeowners take legal action to stop foreclosures and seek monetary damages if a lender violates state law. Lenders and …Gov. Signs Law On 'Abusive' Home LendingKGTV San Diegoall 23 news articles » [...]
http://weightlosssnacknews.us/new-california-law-will-stop-abusive-home-lending-cbs-local/ New California Law Will Stop ‘Abusive’ Home Lending – CBS Local | snack news

[...] New California Law Will Stop 'Abusive' Home LendingCBS LocalIt prohibits lenders from seizing a home while considering homeowner requests for alternatives to foreclosure. It also lets homeowners take legal action to stop foreclosures and seek monetary damages if a lender violates state law. Lenders and …Gov. Signs Law On 'Abusive' Home LendingKGTV San Diegoall 23 news articles » [...]
http://www.toptennewhomecommunities.com/blog/californias-new-homeowners-bill-of-rights-will-stop-abusive-home-lending/ California’s New Homeowners Bill of Rights Will Stop Abusive Home Lending

[...] via cbslocal.com [...]