New Foreclosure Laws contemplated in California

posted Apr 25, 2012, 10:53 AM by Keith Carr   [ updated Nov 19, 2012, 9:35 AM ]

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.