California Attorney General Kamala Harris has introduced a homeowner’s bill of rights in the assembly – 7 bills when read together center on foreclosure treatment of individuals. See the discussion in Mortgage Daily News.
Further, Mrs. Harris which would create a combination judicial and non-judicial foreclosure process. Currently, lenders may foreclose either judicially or non-judicially. They are rewarded for using the non-judicial process by a shorter foreclosure process. A judicial foreclosure process takes longer but allows the lender to recover a deficiency, much like car loans. SB 1470 would delay the foreclosure process without allowing a deficiency judgment.
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