SMP Shareholder, Brad McDowell, is no stranger to lender and foreclosure issues. As such, he was recently asked to speak to 25 CEOs and managers of Northern California lending institutions on the topics of foreclosure, new lending concerns, and changes to California law coming with the new California Homeowner Bill of Rights. The “HBOR” is comprised of six State Senate and Assembly bills effective January 1, 2013 that, for some, drastically changes the form and function of residential foreclosures in California. In short, lenders are now required to substantively attempt to modify a distressed homeowner’s loan, and HBOR also provides an appeals process for owner occupied properties in foreclosure. The new laws have a more significant impact on large lenders that have conducted more than 175 foreclosures in a year, but new requirements exist for smaller lenders as well.
To find out more about these legislative updates, or any other questions related to foreclosure or real estate, please feel free to call Mr. McDowell at (916)569-8100. You can also read more about the new Homeowner Bill of Rights here: http://oag.ca.gov/hbor