Bill Aims to Help Avoid Foreclosure in California
A measure being considered by state legislators would help consumers avoid
foreclosure while they seek a loan modification.
Many consumers in California may be trying to avoid
foreclosure, and legislators in the state are looking at measure to help them do that.
According to a recent piece from the Los Angeles Times, senators are considering
a bill that would stop foreclosure on a home until the owner has been
denied for a loan modification program. The bill is similar to the federal
government's Home Affordable Modification Program, which stops lenders
from starting a foreclosure while a consumer is in the modification process.
The Times noted that poor communication between borrowers and lenders
may end up leading to more foreclosures, which is what the proposed legislation
is trying to fight.
"The point of the bill isn't just to help more homeowners; it's
also to save lenders from themselves," the paper said.
According to RealtyTrac, California posted the fourth-highest foreclosure
rate in the country in April, with one in every 182 units facing difficulty.
Nevada had the top spot with a rate of one in every 69 properties.
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