Attorney Steve Vondran is a business and real estate lawyer licensed to practice law in California and Arizona.
Okay, so as most of us in the real estate business now know, foreclosures, loan modifications, and short sales are all the rage, and lenders and loan servicers have their hands full in complying with borrower requests in each area. ?So why do we really need a California Homeowner Bill of Rights?
Here are Attorney Steve?s Top 5 reasons we need a bill of rights for California property owners.
(1) Loan servicers were not set up to handle the flood of loss mitigation, foreclosure, loan mod requests, etc. ?Therefore, they do not have a lot of rules in place (at least for the last several years) that allow them to deal fairly and honestly with borrowers in distress. ?The California homeowner bill of rights attempt to document some rights and provide some guidance for lenders and loan servicers.
(2) In my experience, the banks seem to have a short memory when it comes to the tax payer funded bailout. ?They act as if they were not the ones who created the mortgage meltdown in the first-place with their ?everyone gets a home? attitude and irresponsible lending. ?Instead, they act like borrowers were the ones who were irresponsible (in some cases this is true, and in many this is not true). ?At any rate, this new California bill of rights puts some obligations on these major financial institutions to fix the mess they created.
(3) Previous attempts to set servicing standards have (at least to me and as of the date of this writing) failed miserably to treat borrowers fairly in the process.
(4) There are limited grounds to get a civil injunction to halt a foreclosure sale ? the California homeowner bill of rights gives a right to seek an injunction to stop foreclosure. ?This gives good grounds and good cause for Attorneys to fight for homeowners where violations persist.
(5) In my experience, there are not a whole lot of major laws the banks really have to deal with (RESPA and TILA are two that come to mind when dealing with lenders and loan servicers). ?Simple things like unanswered QWR?s continue to persist and contrary to what many banks, and their attorneys often think, there are legitimate needs to obtain loan payoff and reinstatement figures ? even for borrowers facing foreclosure. ?This is fact is a federal right. ?Having more formal rules will hopefully bring awareness to the concept of ?borrowers rights while facing foreclosure? and will hopefully make for a more sane borrower-lender relationship.
You can find more information about the California Homeowner Bill of Rights on our Internet Radio Show. ?The foregoing is general information only and not legal advice. Copyright Steve Vondran 2012.
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