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EPISODE #722
A proposed California bill would preserve home equity in foreclosures
California Senate Bill 1323 would require lenders in foreclosure proceedings to hire a realtor and sell the secured property for its appraised value on a multiple listing service has passed the California Senate Judiciary Committee… [read the full text of California Senate Bill 1323]
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3 Comments
Are you suggesting that REO departments lift their pinkies to help borrowers? How could you? What does doing better for borrowers have to do with REOs? Did I hear you right???
GOOD FOR YOU!!
Honestly, it was a pleasant surprise to see such a bill that pushes back against abusing homeowners when they stand to lose the most.
Long overdue indeed, millions of dollars, probably more like billions of dollars, of homeowner equity was wiped out in the melt down in 2007 and onward, due to careless off loading of foreclosed homes, investors benefited big time. Very sad thing that happened then, can’t fix it now, but going forward this would be a wonderful reform and if passed by California it would be great if it set consumer protection precedent and other state’s followed with similar bills.