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The California Legislature has one last chance this legislative session to do something for struggling homeowners.
SB1275, authored by Mark Leno, D-San Francisco, would require mortgage servicers to decide whether a borrower who applies for a loan modification qualifies to receive that modification – before they foreclose on a house.
One would think that banks would be eager to do this. Unfortunately, that’s just not the case. A July 2010 survey of Housing and Urban Development-approved housing counselors found that 60 percent of them reported having clients who had lost their homes to foreclosure while they were trying to negotiate a loan modification.
