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New Homeowner Protections




A new Homeowner Bill of Rights, signed by Gov. Jerry Brown, went into effect on January 1, 2013.  The new set of laws protects consumers who are going through the foreclosure process.  It includes stopping lenders from doing what is called dual tracking, robo signing and makes sure lenders assign one point of contact to borrowers who are trying to obtain a loan modification.

Duel tracking is the process of starting the foreclosure process while the lender is considering and or reviewing a loan modification request.  We have talked to many homeowners who have applied for a loan modification and when it is declined or rejected they immediately get a Notice of Default which is the first step in the foreclosure process.  The lender has been working on the foreclosure during the time the loan modification was under review and they are prepared to foreclose if the loan modification is declined. 

Under the new law, banks must give loan-modification applicants a response before starting the foreclosure process.  Banks now also have to inform consumers who don't apply for a loan modification that they have the right to do so.

Robo signing, is defined as the process of approving foreclosure documents without proper review and will now be illegal in California.

Included in the Homeowner Bill of Rights is the ability for borrowers to sue loan servicers for violating any foreclosure law.

Speaking of new laws, last week I wrote about the extension of the Mortgage Debt Forgiveness Relief Act being extended.  I failed to mention the State of California has not yet passed legislation to make State taxation rules mirror Federal law.  The bill to do this in now being worked on and is expected to pass but at this time there would be state taxes due on forgiven mortgage debt associated with a short sale.

If you have any questions about the Homeowner Bill of Rights or short sales please let me know.  I can be reached at the MagnumOne Realty office in Roseville (916-899-6571) or by email to JulieJ@Jalone.com.





Julie Jalone, wife and mother living in Rocklin, is an experienced professional Realtor ® serving
the Greater Sacramento area including Placer, El Dorado, Yolo and Yuba counties.

Julie may be reached online at www.jalone.com or by calling (916) 276-6883
Check out her daily web blog: Keep it Real in Sacramento

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Placer County News Headlines

Placer SPCA Announces 2015 Board of DirectorsRoseville, CA - The Placer SPCA announced the election of its 2015 Officers and the installation of two new board members.

Project for Homes Overlooking Lake Tahoe WithdrawnA project that sought to build some 112 residential homes on land overlooking Lake Tahoe has been withdrawn from the review process.

Stand Up Placer Receives $10,000 Grant from Wells FargoStand Up Placer received a generous grant award of $10,000 from Wells Fargo. Stand Up Placer is a local non-profit that provides comprehensive services to domestic violence , sexual assault, and human trafficking survivors

50 Days of the Dead: Shining StarShining Star, a song by R&B group The Manhattans was among audience favorites. This version of the JGB covering Shining Star in the fall of 1991.

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Roseville Liquor Store Robbed by GunmanThe Roseville Police Department is asking for the public's help identifying a man who robbed a liquor store and pepper-sprayed the clerk.

Good News for FHA BorrowersRealtor, Julie Jalone, of MagnumOne Realty in Roseville, writes about the recent lowering of the FHA mortgage insurance premiums.

United Auburn Indian Community Invests in Danny Wimmer PresentsDanny Wimmer Presents one of the largest independent producers of destination rock music festivals in the U.S., announced today that it has received a significant investment from the United Auburn Indian Community Development Corp.

Roseville Offers Up Cash for GrassThe City of Roseville is offering up for $1,000 for your grass when converting water-thirsty turf with water smart landscaping

Invented Abundance by Mollie Oblinger in RocklinThe Ridley Gallery at Sierra College presents Invented Abundance, an exhibition of sculpture in which Mollie Oblinger examines California's water issues in response to the historic drought

Rocklin Resident Exhibition at Alex Bult GalleryIn February, The Alex Bult Gallery welcomes emerging artist and long-time Rocklin resident Timothy Mulligan in his first solo exhibition entitled Raw, Real & Reimagined.

50 Days of the Dead: Tennessee JedThe Dead return for a memorable performance on their home turf of Palo Alto in October of 1982 to play Frost Amphitheatre.


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