The latest on California politics and government
July 11, 2012
Gov. Jerry Brown on Wednesday signed into law legislation aimed at increasing protections for California homeowners facing the possibility of foreclosure.
The legislation seeks to curb “dual tracking” by prohibiting lenders from starting the foreclosure process while a loan modification is being negotiated, expands notice requirements as part of the foreclosure process and requires large institutions to give borrowers a single point of contact for dealing with their loan issues. It also gives borrowers opportunities to go to court if they are wrongly foreclosed upon and the bank does not correct its mistakes.
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