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
Pet Care | Real Estate | Restaurants | Tech | View All | * Add/Upgrade Business
Placer County News HeadlinesRocklin Flash Crime Report (2.13.16) Crime report digest summary for Rocklin for the period of February 1- 7, 2016.
Art Auction & Music Exhibition March 4th at BaysideRoseville, CA - The Eureka Union School District (EUSD), will host its 7th Annual Art Auction & Music Exhibition.
Roseville Wealth Advisor Pleads Guilty to FraudRoseville, CA- Lee Loomis, 58, of Granite Bay, recently pleaded guilty to wire fraud.
Roseville Night to Benefit Local Non-ProfitsRoseville, CA- On February 26th, residents can help support local non-profits in Roseville by taking in the Sacramento Kings and LA Clippers game.
American Heart Association: Placer County a Fit-Friendly WorksiteAUBURN, Calf. -- Placer County employees have happy hearts. Placer has been recognized by the American Heart Association as a Gold Fit-Friendly Worksite
Mom and Son with DisabilitiesMary Anne Fleury of Elizabeth, Colorado, has experienced disability from nearly every angle.
Roseville Flash Crime Report (2.10.16)Roseville, CA- Police activity and crime log digest summary for the period of February 3-9, 2016.
Roseville Region Gets Influx of Incoming U-HaulsRoseville, CA- The Roseville- Sacramento region ranks 2nd in the nation for incoming one-way truck rentals according to recent U-Haul news.
Placer SPCA Seeks Nominations for 2016 Hero AwardsRoseville, CA - Placer SPCA is seeking nominations for the 2016 Hero Awards, to be presented at the 15th annual Funny Bones Comedy & Awards Night
Placer County Moves Forward on Homelessness ApproachContinuing to address homelessness in Placer County and improve the quality of life for residents, the board of supervisors voted unanimously today to pursue a regional approach
Your Health: Not Getting Blood TestsIt is extremely unfortunate that most patients will not even think of going to a doctor until they have symptoms, which
2016 Housing Market UpdateRealtor, Julie Jalone, of MagnumOne Realty in Roseville writes about the housing market performance predictions presented by the chief economist of the National Association of Realtors at a recent conference.
NEWS: In Case You Missed It