Bill would preserve home equity in foreclosures

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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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As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.

Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.

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3 Comments

The Cynic
May 16, 2022 at 2:31 pm
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!!
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- Shannon HicksModerator
  May 17, 2022 at 5:47 am
  Honestly, it was a pleasant surprise to see such a bill that pushes back against abusing homeowners when they stand to lose the most.
  
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Shawna McDonald
May 17, 2022 at 9:04 am
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.
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