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California Senate passes foreclosure relief bill

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Uploaded by on Apr 29, 2008

Senate President Don Perata's (D-Oakland) SB 1137 would require more notice to homeowners, allow them more time to move, and requires banks to maintain property during the foreclosure process. Most Republicans oppose as a mandate on banks, but Perata got support from enough Republicans to get the 2/3 vote he needed for the urgency bill. Ironically, the lone Republican speaker is Jeff Denham (R- Merced). Perata is leading a recall campaign against Denham in June.

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  • They need to check all those loan modification companies who are charging fees up front

    California's Mortgage Foreclosure Consultant Act at Civil Code 2945.4(a): "It shall be a violation for a foreclosure consultant to:

    (a) Claim, demand , charge, collect, or receive any compensation until after the foreclosure consultant has fully performed each and every service the foreclosure consultant contracted to perform or represented that he or she would perform."

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