California Bill aimed at helping widows avoid foreclosure passes state Senate

http://www.latimes.com/business/la-fi-widow-foreclosures-20160601-snap-story.html

By Andrew Khouri, LA Times

A bill that would give California widows and widowers greater protections against foreclosure passed the state Senate on Wednesday.

The proposal is geared at giving surviving spouses who own their home but are not on its mortgage note a better shot at obtaining a loan modification.

Consumer groups say survivors – including those who inherit property after a death  – face considerable resistance from loan servicers when trying to obtain modifications.

Servicers will generally accept a surviving spouse’s loan payments, but red tape involved in proving ownership can stall a modification while foreclosures proceed, according to advocates.

The bill would afford survivors many of the rights borrowers gained in 2013 under the California Homeowner Bill of Rights. Among those is a ban on dual tracking – the practice of negotiating with clients to modify a mortgage while simultaneously pursuing foreclosure.

For more information see: http://www.nationalmortgagenews.com/news/compliance-regulation/california-senate-approves-bill-to-expand-rights-of-widowed-spouses-1079251-1.html

http://california.realestaterama.com/2016/06/02/sb-1150-passes-senate-hurdle-after-dramatic-turnaround-ID07904.html

 

 

5 Responses

  1. so the one’s that voted against it was not up for re-election. hahahahahah. that bill should of pass 100 percent voting for it. but it didnt

  2. THE BANKS WILL FIGHT THIS TOOTH AND NAIL. they cant prove that they are holders, in due course. it is fail when division of banks get involved.

  3. Is that a Widow of a Persons Civil Death or the Widow of a Living Man or Woman’s Death?
    Just Curious because both seem to be issues.
    Especially where Title is concerned.

  4. Dual Tracking, also known as parallel foreclosure.

  5. Reblogged this on California Freelance Paralegal and commented:
    That is great news and has been needed for a long time.

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