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California Legislature Passes Homeowner Bill of Rights

The ""California State Legislature"":http://www.legislature.ca.gov/ has officially passed the Homeowner Bill of Rights. The proposal was originally put forth by the state's Attorney General Kamala Harris, and the legislation is now in the hands of Governor Jerry Brown, whose signature would finalize the law.

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""This legislation finally brings some accountability to the banks for harmful foreclosure practices,"" said Kevin Stein, associate director of the ""California Reinvestment Coalition"":www.calreinvest.org/.

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""Homeowners will now be able to protect themselves from the commonplace violations that banks have exhibited in this foreclosure crisis,"" he added.

The ""California Coalition for Rural Housing's"":www.calruralhousing.org/ Cristina Trujillo noted, ""We finally have a bill that protects homebuyers in our most vulnerable communities, especially rural communities in California. Now, everyone has a fair chance at saving their homes and protecting themselves from unfair business practices.""

According to a recent release from the California State Legislature, the law would ""institute sensible reforms to bank's foreclosure practices and create a fairer foreclosure process for California's homeowners."" The lawmakers also stated that the bill would end the current ""dual track"" process for foreclosures.

In closing, Paul Ainger of the ""Sacramento Mutual Housing Association"":www.mutualhousing.com/, said, ""After three years of legislative battles, it's about time that families at risk of foreclosure no longer have to worry about losing their homes while they are seeking a loan modification from a bank. The call of California homeowners and communities has finally been answered by our legislature.""

About Author: Abby Gregory

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