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California Passes Homeowners Bill of Rights

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Am I dreaming? Wow! I really like this new Homeowners Bill of Rights, and I'm thrilled to see California passing AB 278 and SB 900. These are just two new bills that take effect on January 1, 2013 and require the banks to clean up their act. There are a couple of others pending that I haven't read up on but may include in a later post.

There three things I REALLY like about these bills: 1) the enforcement provision. We all know what happened under HAMP -- it had no teeth. I'm pleased to see the legislation including a provision that gives homeowners some traction to get an injunction to stop a sale; (2) borrowers may be entitled to recover attorneys fees; and 3) filing multiple unrecorded documents may subject the banks to $7,500.00 per loan. Filing statutory complaints against these entities is also allowed in addition to any legal action you might take.

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