California May Become First State To Write Mortgage Settlement Into Law

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California May Become First State To Write Mortgage Settlement Into Law

California May Become First State To Write Mortgage Settlement Into Law

HuffPO-

California will become the first state to write into law much of the national mortgage settlement negotiated this year with the nation’s top five banks, if state lawmakers approve wide-ranging legislation on Monday.

Majority Democrats say they have the votes to send the homeowner protection package to Gov. Jerry Brown despite opposition from business and lending organizations.

The legislation would require large lenders to provide a single point of contact for homeowners who want to discuss loan modifications. It would prohibit lenders from foreclosing while the lenders consider homeowners’ request for alternatives to foreclosure. And it would let California homeowners sue lenders to stop foreclosures or seek monetary damages if the lender violates state law.

The protections would benefit all California homeowners, not just those whose mortgages are with the five banks that signed the national settlement in February. And many of the restrictions would become permanent, while those in the nationwide agreement will end after five years.

[HUFFINGTON POST]

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