Under the New California Homeowners Bill of Rights, the State of California has found that it is essential to modify the foreclosure process to ensure that borrowers have a meaningful opportunity to obtain available loss mitigation options.
The California Homeowners Bill of Rights which goes into effect January 1, 2013, has five major components:
Prohibiting “dual track” foreclosures that occur when a Bank continues foreclosure while also reviewing a homeowner’s application for a loan modification.
Creating a single point of contact for homeowners who are negotiating a loan modification.
Expanding notice requirements that must