California Attorney General Kamala D. Harris is asking legislators to pass several new bills that would provide more protection to California homeowners who are facing foreclosure. Her goal is to help fix many of the current issues regarding California's troubled foreclosure process.
Attorney General Harris said yesterday, "California communities and families are being devastated by the mortgage and foreclosure crisis. We must ensure the deceptive practices that caused it never happen again. The California Homeowner Bill of Rights will provide basic fairness and transparency for homeowners, and improve the mortgage process for everyone."
Should these new bills be passed and ultimately signed by the Governor, it's hoped that they will prevent banks from forcing foreclosures while troubled borrowers are already in negotiations with their lenders to obtain a loan modification.
Furthermore, borrowers would no longer have to deal with being passed from one department to the next since they will be given a single point of contact which will save many Californians' hours of frustration trying to reach the right department to work out a solution to their mortgage issues.
Also these new bills will have the ability to impose a $10,000 civil penalty for "robo-signed" mortgage documents containing information that is unverified.
California lawmakers know that this will be a big battle acknowledging that they will be facing huge resistance from the banks and major lenders. Only time will tell if David can once again defeat Goliath.