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Piggybankblog posted on 07/12/12
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Cross linked story with www.keytcom
A new law is protecting California homeowners who are trying to save their home from foreclosure.
Governor Jerry Brown signed the California Homeowners Bill of Rights into law which is designed to stop abusive tactics by loan servicers.
California Bill of Rights:
- Bans Dual Tracking: Banks won’t be allowed to foreclose on a home while the homeowner is pursuing a loan modification.
Requires one single point of contact at the mortgage provider.
Allows homeowners to sue for significant violations
Increases penalties for robo-signing: Which is automatic approval for foreclosure without reading the documents.
California is the first state to adopt such a law and it has it’s skeptics.
“I think it’s good that they passed the California Bill of Rights,” former bank executive, Candice Jones said. “Unfortunately we do need to know who moderates it and who oversees it to make sure it does get done.”
Jones is a Santa Barbara resident who is fighting back against the banks helping families and individuals keep their homes. She fears that the new law could lead to an increase in foreclosures before January.
“They’re (banks) going to do the same thing they did after the Attorney General’s settlement was signed, speed up foreclosures and get as many done as possible before they get caught,” Jones said.
One of the tactics the California Bill of Rights will protect the homeowner against is robo-signing. Jones says thousands of fabricated documents are being robo-signed and recorded at the Santa Barbara Courthouse everyday.
Joe Holland is the Santa Barbara County Clerk, Recorder and Assessor. His office is responsible for recording foreclosure documents with the court. Jones believes Holland has a legal responsibility and a duty to make sure those documents are true and accurate before they are turned over to the court.
Holland told KEY News that his office does not know which documents are robo-signed and that the newly signed law does not impact the way his office does business.
Homeowner Marina Reed says the County Recorders Office needs to do more to protect from fraudulent foreclosure documents being recorded.
“It is the documents that go through his department that the banks are then using against the homeowners in court,” Reed said.
California has nearly a million foreclosed homes and another 700,000 are at risk.
My name is John Wright AND I AM FIGHTING BACK!
All Rise! The Honorable Judge Wright has left The Courtroom of Public Opinion!
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