Thursday, September 2, 2010

California rejects bill to protect homeowners from foreclosure |

"According to the San Francisco Chronicle, the legislation would have prevented lenders from beginning foreclosure proceedings until after they rendered a decision about a consumer's loan modification status. The bill would have also allowed homeowners to sue if they failed to comply with the measure.

Lenders that choose to participate in the federal government's modification program are barred from initiating a foreclosure until the application has been officially decided upon. But according to the Chronicle, the government does not have an 'enforcement mechanism' to ensure compliance with this rule.

Senator Mark Leno, who authored the legislation, said he will continue to explore options to help homeowners avoid foreclosure and protect their assets."

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