April 27,2011
As the foreclosure wave continues, California legislators are seeking to pass new laws to further protect home owners from lenders.
A proposed law facing a key vote in Sacramento on Wednesday would require lenders in California to make a decision on mortgage modifications for delinquent homeowners before beginning the repossession process, in effect ending “dual track” foreclosures in the state. (see entire story here)
Some California lawmakers have an idea to help stem the flow of foreclosures: they propose charging banks $20,000 every time they want to foreclose on a home. Is this a good idea…or government getting in the way of legal foreclosures in California? (see the entire story here)
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