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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.



About Realtor Julie Jalone


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


Placer County News Headlines

Chicago the TRIBUTE to play Opera House Saloon in Roseville(ROSEVILLE, CA) - Chicago the TRIBUTE, a 9-piece tribute to the band with the horns and hits will be playing the Opera House Saloon Roseville on Thursday, March 30

Roseville Criminal Activity Heats UpRoseville, CA- As the weather heats up, so does Roseville criminal activity. The Roseville police log digest update for the ten-day period covering March 10-20, 2017.

Free STD and STI Testing and Treatment in Roseville(Roseville, CA) - Sierra Pregnancy & Health (SPH) announced they have begun offering free testing and treatment for STD/STIs, including gonorrhea and chlamydia

Placer County Government Center ProposalAUBURN, Calif. -- After considerable analysis, stakeholder engagement, design and planning, the Placer County Board of Supervisors were presented a plan for a re-envisioned Placer County Government

Ghost in the Shell coming to IMAXGhost in the Shell: An IMAX 3D Experience opens at the Esquire IMAX Theatre on March 30 at 7:00 p.m

Auburn Art Walk begins April 7The Auburn Art Walk will take place on the first Friday of April, June, August and October 2017, from 6 pm to 9 pm

Achieve Tahoe to Host Ability Challenge Fundraiser at Squaw ValleyAlpine Meadows, CA - Achieve Tahoe, a leading provider of winter and summer adaptive sports instruction at all ability levels for adults and children with disabilities

Guys and Dolls at William Jessup University in AprilROCKLIN, CA. - William Jessup University's Creative Arts department presents Guys and Dolls for six weekend performances, starting April 7-8-9.

Prenatal Health Services to begin at Auburn Health CenterAUBURN, CA - Chapa-De Indian Health is proud to announce that its Auburn Health Center will begin providing prenatal health services to patients starting this week.

Roseville Skatetown to Host Curling BonspielRoseville, CA -Brand New Barrel Bonspiel Brings 16 California Curling Teams to Roseville on March 24-26.

Placer Valley Tourism to operate Placer County FairgroundsAUBURN, Calif. -- The Placer County Board of Supervisors today approved Placer Valley Tourism, a private nonprofit organization, as the new operator of the Placer County Fairgrounds

Roseville Gas Price Competition StiffensRoseville, CA - Competition has stiffened as Roseville gas prices were mostly flat during this past week.


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