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SACRAMENTO – A bill that would set new rules for the foreclosure process is the focus of a fierce end-of-session fight between the lending industry and consumer groups.
Loan delinquency and foreclosure rates are down from the worst of the housing downturn but Riverside and San Bernardino counties remain among the hardest-hit parts of the state.
The bill, SB 1275, would require lenders and loan-servicing customers to better communicate with delinquent borrowers about modification options before beginning the foreclosure process. Borrowers could take loan companies to court for violations.
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