CA Homeowner Bill of Rights Now a Law- Who Will Benefit?
The following is a breakdown of the California Homeowner Bill of Rights which was signed into Law, as presented by the California Association of Realtors. Assembly Bill 278 and Senate Bill 900, is available at www.leginfo.ca.gov. Applicability of the Law: This law will generally come into effect on January 1, 2013. It only pertains to first trust deeds secured by owner-occupied properties with one-to-four residential units, unless otherwise indicated below. "Owner-occupied" means the property is the principal residence of the borrower and secured by a loan made for personal, family, or household purposes (CC 2924.15). A "borrower" under this law must generally be a natural person and potentially eligible for a foreclosure prevention alternative program offered by the mortgage servicer, but not someone who has filed bankruptcy, surrendered the secured property, or contracted with an organization primarily engaged in the business of advising people how to extend