A state legislative effort to save homeowners from foreclosure that once seemed to enjoy broad support is close to failing in the wake of an intense banking industry lobbying effort in Sacramento.
SB1275 would require lenders to provide homeowners with a fully considered decision on a loan modification prior to starting foreclosure.
The bill addresses what some say has become a far too common phenomenon for homeowners who are delinquent on their mortgages: While negotiating a loan modification, their lender forecloses. The proposed rules would allow the homeowner to sue if that occurs.
NO WONDER WE HAVE THE BEST POLITICIANS MONEY CAN BUY. I WOULD LOVE TO SEE THE NAMES OF THOSE WHO VOTED AGAINST THIS BILL + SEE THEIR CAMPAIN CONTRIBUTORS.