“It is outstanding to hear that the number of foreclosures starting in our state has nosedived since the California Homeowner’s Bill of Rights has been enacted,” Senator Mark DeSaulnier (D-Concord) said.
According to RealtyTrac, the number of California homes that started on the path to foreclosure in January is down 75 percent from a year earlier.
“Our goal with the Homeowner’s Bill of Rights was to help families who are losing their homes through no fault of their own, and it is clear that our efforts are starting to pay off. These common-sense solutions are already helping working families in California keep their homes. One such solution requires lenders to provide a “single point of contact” for homeowners to work with as they seek a loan modification or alternatives to foreclosure. These reforms will ensure that working Californians have the ability to responsibly navigate the loan modification and foreclosure process,” Desaulnier said.