California Homeowner Bill of Rights Signed Into Law
While Foreclosure Filings Continue to Decline
Gov. Brown signs the
Homeowner Bill of Rights in law
California Governor Jerry Brown signed AB 278 and SB 900 into law on July 11th. The main elements of the Attorney General’s package, called the ‘Homeowners Bill of Rights’ include restrictions on dual-tracking; mandatory single point of contact and requirements for servicers to document the right to foreclose. The peripheral elements of the Attorney General’s package, relating to blight, landlord tenant and grand juries, are moving forward separately.
While most of the provisions of the bill become effective January 1, 2013, others sunset until January 1, 2018.
In their print version of the story of the signing of the bill into law, the Los Angeles Times noted “the signing of the measures came before a new report by RealtyTrac showed that national foreclosure filings continued to decline in June, falling 3.96% from May and dropping 11.2% from June 2011….” The article also noted that “foreclosure starts in California were essentially flat last month …”
Read the conference committee report on the bill (June 27th)
Read the CA Dept. of Justice Press Release
Read the Los Angeles Times online summary