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Monday
May022011

California Homeowner Protection Act SB729

DateMonday, May 2, 2011 at 12:04PM

More legislation is on the way for struggling homeowners.  California SB729, scheduled for a vote May 4, 2011, would require loan servicers to give  loan modification applicants a yes or no answer before starting the formal foreclosure process.  

SB729 would end the “dual track” problem—where homeowners lose their homes to foreclosure while they are negotiating a loan modification with their lender. It also allows homeowners to bring legal action against servicers when serious violations occur.

Is legislation the answer to prolonging the housing downturn?

AuthorSchahrzad Berkland | CommentPost a Comment |

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