Governor Signs Bill To Curb Blight

Governor Signs Bill To Curb Blight

Governor Signs Bill To Curb Blight

New Law Prevents Banks From Ignoring Neglected Foreclosure Homes

Even though most of the news about foreclosures looks to be improving, many areas still suffer from banks neglecting many of their REOs in various California communities.

To combat this REO blight, California Attorney General Kamala Harris announced this week that Governor Edmund G. Brown Jr signed into law a bill to combat blight.

Assembly Bill 2314 by Assemblymember Wilmer Carter provides additional tools to local governments and receivers to fight neighborhood blight caused by vacant homes.

This new law can be found in the California Homeowner Bill of Rights which extends the protection for homeowners and communities that the state of California and the other 49 states first negotiated in the settlement suit with the five leading lenders.

Empty homes as a result of foreclosure have caused numerous issues for neighbors and communities as they invite squatters, bug infestation, and crime, which lowers the market value and creates possible safety concerns.

AB 2314 will give new homeowners additional time to remedy code violations and would help compel the owners of foreclosed property to pay for maintenance and upkeep.

Additional Homeowners Bill Of Rights Benefits

In July, the Governor signed two key parts of the Homeowner Bill of Rights into law.

Those bills provide protections for borrowers and struggling homeowners, including a restriction on dual-track foreclosures, where a lender forecloses on a borrower despite  discussing loan modification possibilities to save the home.

The bills also guarantee distressed homeowners a single point of contact with their lender so they can get answers about their loan and direct access to decision makers.

The California Homeowner Bill of Rights contains other important laws under consideration and we will keep you updated.

For more information on the California Homeowner Bill of Rights, go to http://www.oag.ca.gov .

Governor Signs Bill To Curb Blight

Governor Signs Bill To Curb Blight

Governor Signs Bill To Curb Blight

Governor Signs Bill To Curb Blight

Governor Signs Bill To Curb Blight

Governor Signs Bill To Curb Blight

Governor Signs Bill To Curb Blight

Governor Signs Bill To Curb Blight

Governor Signs Bill To Curb Blight

Governor Signs Bill To Curb Blight

Governor Signs Bill To Curb Blight

Governor Signs Bill To Curb Blight

Governor Signs Bill To Curb Blight

Governor Signs Bill To Curb Blight

Governor Signs Bill To Curb Blight

Governor Signs Bill To Curb Blight

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Filed under California, Foreclosure, Loan Modifications

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