California Bill SB 1150 Aimed at Helping Widows Avoid Foreclosure Passes State Senate

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California: Bill Aimed at Helping Widows Avoid Foreclosure Passes State Senate

A bill that would give California widows and widowers greater protections against foreclosure passed the state Senate on Wednesday.

The proposal is geared at giving surviving spouses who own their home but are not on its mortgage note a better shot at obtaining a loan modification.

Consumer groups say survivors – including those who inherit property after a death  – face considerable resistance from loan servicers when trying to obtain modifications.

Servicers will generally accept a surviving spouse’s loan payments, but red tape involved in proving ownership can stall a modification while foreclosures proceed, according to advocates.

The bill would afford survivors many of the rights borrowers gained in 2013 under the California Homeowner Bill of Rights. Among those is a ban on dual tracking – the practice of negotiating with clients to modify a mortgage while simultaneously pursuing foreclosure.

More here…

Copy of the bill below…

It can also be tracked here…

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4closureFraud.org

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California Bill SB 1150

Comments
2 Responses to “California Bill SB 1150 Aimed at Helping Widows Avoid Foreclosure Passes State Senate”
  1. mike Drouin says:

    Not only are the Mortgages and Notes not worth the paper they are written on , everyone involved in the deceptive securities contract that these entities brokered behind your back is entitled to the money they made because of the proprietary interest in the asset that gave value to the certificates they allegedly sold . You thought you were in a mortgage but that was a LIE !!! The entity used conduit financing / Investor Money to broker the deal , soooo they never lent you a dime , the investors did !!!! therefore they have no rights over the note !!! to transfer it to anyone !!! or to foreclose on anyone !!! The States have been paid millions to railroad you or make it look like they are helping you , but they are aiding and abetting the crimes of the Banks !! Keep your eyes on NH . Things are about to get interesting !!! learn what the INTENTIONAL TORT OF CONVERSION MEANS !!!

    • mike Drouin says:

      Securitization may be legal , but it’s not legal the way they enacted it , and most Homeowners have a right of Rescission . Cancel the Mortgage Contract !!! you have that right by Law !!!!

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