As I mentioned yesterday, one of the pending pieces of legislation to help homeowners facing foreclosure was SB1275. Referred to as the Homeowners Bill of Rights, it could, if it becomes law, require all mortgage lenders doing business in the state to review possible defaulting borrowers for a loan modification before foreclosure could proceed.
If a mod were then denied by the lender, the homeowner would have the right to file an action (sue) to either void the foreclosure or receive damages based on their situation.
Yesterday, the Senate committee considering the bill passed it 7-1, passing it on to the full Senate for consideration. In order to become law, it must pass the whole Senate, then the Assembly and then be signed by the governor.
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