By Kevin Stein
California Reinvestment Coalition
Over 70 California community groups, labor unions, and advocates have sent a letter to California’s Assembly members and Senators asking them “Whose Side Are You On: Banks or Homeowners?” This week, members of the Joint Legislative Conference Committee on Foreclosure Issues will be voting on important legislation that will create protections and strengthen due process for California’s homeowners. The legislation could effectively end bank practices that have led to wrongful and unnecessary foreclosures for California homeowners who are struggling to negotiate a modification with their bank.
California’s homeowners and advocates are calling for strong legislation that:
- Ends “dual track” by requiring banks to provide a “yes” or “no” answer on a modification application before proceeding with foreclosure, and to halt the process if a borrowers completes a loan modification application after the process has begun,