সোমবার, ১০ সেপ্টেম্বর, ২০১২

California Foreclosure Laws

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Source: ml-implode.com

Video: California Foreclosure Law

Shaun?s Real Estate Adventures: New California Foreclosure Law

Because all my hard money lending is done in California and to people who buy, rehab, and sell foreclosures, this news story caught my eye. The California legislature recently passed a law making it harder to banks to foreclose on property owners. According to Reuters, the bill prohibits banks from ?dual-tracking? loans ? proceeding with the foreclosure process while also in loan modification negotiations with the owners. The bill also lawsuits against robo-signing. The bill still has to be signed by the governor before it becomes law, but he is expected to sign it. On the surface, this law sounds good to me. I will freely admit the first I heard about it was from the above linked article and the facts in that article are the extent of my knowledge of it. I do think robo-signing is a big problem. When your actiosn can result in people losing their home and being forced out onto the streets, you need to have someone carefully look over the documents before foreclosing. This just stands to reason. As to the prohibition against dual-tracking, I?m OK with that as well. Yes, it may result in longer times to foreclose on a property. But if a borrower is in talks with a bank to modify their loan, I think they would reasonably conclude that the bank would pause foreclosure proceedings while they are attempting to work out a settlement. Further, without this restriction, the bank has a huge advantage at negotiating ? they would be able to drag out the talks until foreclosure was a day away, leaving the borrower with no choice but to either accept the terms the bank offered or lose his or her house. How will this affect my lending? I expect to see a slowdown in houses for sale at auction for the 6 or so months after this bill becomes law. This will represent the time banks have to wait while they attempt to reach a loan modification deal before proceeding. There is nothing in this law, to my knowledge, that requires the banks change what loan modification terms they must accept, so they will still be reaching the same decision on modifying loans or not, resulting in about the same number of houses going to foreclosure. There will just be a delay lasting the length of those negotiations.
Source: blogspot.com

New California Foreclosure Law

While California, and the US in general, have been dealing with an economic slump and foreclosures, Thailand?s housing market has been relatively stable. Accordingly, Thailand real estate law?has not required any special laws to protect people for over-reaching banks and financial fraud in real estate and mortgage transactions.
Source: thailawforum.com

Ballard Spahr LLP: California?s Residential Foreclosure Overhaul Signed Into Law

Ballard Spahr?s Mortgage Banking Group combines broad regulatory experience with formidable skill in litigation. Clients include financial institutions; mortgage lenders, brokers, and servicers; secondary-market investors; insurance companies; investment bankers; settlement service providers; auction platforms; and homebuilders. Members of the group edited and authored?Mortgage Finance Regulation Answer Book 2011-12. For more information, please contact one of the Practice Leaders of the Mortgage Banking Group:?Richard J. Andreano, Jr., at 202.661.2271 or andreanor@ballardspahr.com; John D. Socknat at 202.661.2253 or socknatj@ballardspahr.com; Michael S. Waldron at 202.661.2234 or waldronm@ballardspahr.com; or Alan S. Petlak at 424.204.4320 or petlaka@ballardspahr.com.
Source: lexisnexis.com

Anti Foreclosure Laws have negative impact

?Many state laws that stretch out the period for legitimate foreclosures result in no added benefit for the homeowner and produce harm to the housing finance system and to neighborhoods,? said Alfred Pollard, general counsel to the Federal Housing Finance Agency, at a House of Representatives oversight hearing in March
Source: trulia.com

Daily Kos: Where Are the Candidates on the Foreclosure Crisis?

For the last two weeks, one politico after another has railed about our damaged economy and declared their intention to solve the problem. Without question, unemployment remains a serious issue that must be dealt with head-on. However, one issue that has been conspicuously missing from all this talk about our economy is the ongoing Home Opportunity crisis. There have been two million foreclosure filings this year alone and over 15 million homeowners are underwater, meaning that their home is worth less than they owe on their mortgage. That?s millions of senior citizens losing their economic security, children and families uprooted, neighborhoods blighted with vacant properties, and a continued drag on our economy. Given the level of attention it?s received at the conventions, though, you wouldn?t know that.
Source: dailykos.com

Don?t Change the California Non

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Source: ocpropertynews.com

California Governor Signs Homeowners? Foreclosure Rights Law

Last week, California Governor Jerry Brown signed into law historic homeowner-rights mortgage legislation that offers some of the country?s strongest borrower protections against bank foreclosure practices. The protections, part of a Homeowner Bill of Rights sponsored by California Attorney General Kamala Harris, include the following:
Source: nolo.com

Related posts:

  1. California Legislature Passes Tough New Anti Foreclosure Laws
  2. California Foreclosure Laws
  3. California Legislature Passes Tough New Anti Foreclosure Laws
  4. Property foreclosure Laws and regulations in California
  5. Property foreclosure Laws and regulations in California

Source: http://foreclosureattorneyco.com/california-foreclosure-laws-2/

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