Do you know what the California Bill of Rights is for Home Owners?
Do you know what the California Bill of Rights is for Home Owners?
Someone of my extended circle of followers wrote a question to me if I know: what the California Bill of Rights is for Home Owners? This made me think I should share it with everyone. This is strictly for California Home Owners; nevertheless I thought this might be beneficial to others as well. If nothing else other states might have similar Rights as well.
First let me start by stating that the California Bill of Rights for Home Owners Law went into effect January 1st 2013. If you missed it this is a good summary for you! Although I find it a great benefit for Home Owners who are under water and are looking for help in my market area, now this benefit is becoming relatively obsolete due to the price increases that have been taking place in the past seven months.
The law was intended to provide basic fairness and transparency in the Foreclosure Process. The key bullet points are as follows:
· Restriction on dual track foreclosure: this came about because often times the home owners applied for loan modification and in the mean time the lenders proceeded with the foreclosure and denied the loan modification. This law puts a halt on the foreclosure process until the loan modification is allowed or denied.
· Guaranteed Single Point of contact: this guarantees the home owners that they will be dealing with a single person or team who is familiar with their file vs. being bounced around from one group to another.
· Tenant Rights: this provision will insure that Tenants are notified 90 days in advance that there is a foreclosure process taking place on the property they are leasing vs. being blindsided in the last minute.
· Tools to prosecute Mortgage Fraud: the statute of limitation for complex Mortgage Fraud has been extended from one year to three years. This gives also more powers to the Attorney General to investigate and prosecute the culprits.
· Tools to curb blight: it also allows more time for home owners to correct violations.
The intent of this Law is beneficial to the Home Owners as well as the neighborhoods. Should you have any further questions or would like more details about this law check out the enclosed link http://oag.ca.gov/hbor
If you are considering buying or selling a luxury home, or an ultra luxury home, or luxury investment real estate, or luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations
