mortgages

LAST-CHANCE BILL TO PREVENT FORECLOSURES AND EVICTIONS SET FOR HEARING TOMORROW

UPDATE AUGUST 20, 2020:  AB 1436 passed the Senate Judiciary Committee on a 6-3 vote and will next be heard by the full Senate.

“There is an urgency to this.”—Assemblymember Monique Limon, who fears many Californians may lose their homes or become homeless if AB 1436, which she coauthored, is not approved

By Miriam Raftery

File photo:  Protest to stop foreclosures during the last recession

August 17, 2020 (San Diego) – To date, efforts to save homeowners and landlords from foreclosure, as well as extend eviction protections for renters in California have failed.  With the Legislature poised to adjourn soon and federal benefits expiring, a bill being heard tomorrow morning may be the last chance to prevent a wave of evictions and foreclosures. At 9:00 a.m. Aug. 18, Assembly Bill 1436 will be heard in the state Senate Judiciary Committee. 

The bill’s coauthor, Assemblymember Monique Limon, says the banking industry has been heavily lobbying members to oppose the measure. Assemblymember Limon previously introduced AB 2501 to prevent foreclosures, but the measure was defeated due to financial industry lobbyists.


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WILL BILLS TO PROTECT AGAINST FORECLOSURE WIN PASSAGE IN TIME TO SAVE HOMES AND BUSINESSES? WHAT YOU NEED TO KNOW TO PROTECT YOUR PROPERTY

By Miriam Raftery

August 4, 2020 (San Diego) – Five months into the COVID-19 crisis, many Americans still remain jobless, with millions of businesses shut down or operating at reduced revenues.  Unemployment benefits and stimulus check funds are running out for many who are struggling to pay their mortgages. Bills to provide long-term protection against foreclosure due to the pandemic have thus far stalled in Congress and the California Legislature, though a revised bill in Sacramento still offers hope for some. 

A measure to protect some commercial property holders is also in the works, such as hotels, retail, apartments/condominiums, industrial and commercial offices.

But will these measures win passage in time to prevent mass foreclosures, if they are enacted at all?  The federal CARES ACT in March temporarily halted foreclosures for nonpayment due to COVID-19 on federally backed home loans, an action Congress extended short term until August 31. Many other property owners have had no protections at all. On July 31, the $600 a week extra unemployment benefit also ended, putting more Americans in dire straits.

Advocates say impacted consumers and business owners should let their legislators know of their needs. Among our local legislators, some have been supportive and one is a coauthor of Congressional legislation. But others have been tone deaf, including an East County legislative representative who voted against mortgage relief for homeowners.


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BANKS AGREE TO CORONAVIRUS MORTGAGE PAYMENT RELIEF IN CALIFORNIA AMID PUSH FOR EVICTION BAN

By Laurel Rosenhall | CALmatters

CALmatters is an independent public interest journalism venture covering California state politics and government.

Photo:  Aerial view of suburban neighborhood street with big villas next to each other in Black Mountain, San Diego, California, USA. 

March 26, 2020 (San Diego) - With 1 million Californians filing for unemployment over the last two weeks, several major banks have agreed to delay foreclosures and offer mortgage relief to homeowners impacted by the coronavirus, Gov. Gavin Newsom announced Wednesday.


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TRUMP CANCELS MORTGAGE INSURANCE RATE CUT FOR FIRST-TIME HOMEBUYERS UNDER FHA, DRAWS OPPOSITION FROM REALTORS AND HOME BUILDERS

 

By Miriam Raftery

January 22, 2017 (San Diego) – Representatives for the California Association of Realtors, National Association of Realtors, and National Association of Homebuilders have all voiced opposition to an executive order issued by President Trump that could add as much as $1,500 to costs for some first-time homebuyers.


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GOVERNOR SIGNS HOMEOWNERS BILL OF RIGHTS INTO LAW


July 11, 2012 -- Marking a major milestone for Californians and all Americans, the Homeowners Bill of Rights, a package of bills sponsored by Attorney General Kamala D. Harris that gives homeowners important new protections and places restrictions on how aggressively banks can foreclose, was signed into law today by Governor Brown.


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REPS. DAVIS & HUNTER INTRODUCE BIPARTISAN BILL TO ALLOW ACTIVE DUTY MILITARY TO REFINANCE

 

 April 27, 2012 (Washington D.C.)—Wednesday, U.S. Representatives Susan Davis (D-CA) and Duncan Hunter (R-CA) introduced the Fairness for Military Homeowners Act, legislation allowing military 
homeowners to refinance mortgages on a principle residence while serving at a duty station that prevents them from occupying the home.  Currently, active duty military members cannot refinance if the home is not “owner-occupied.”  

 


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REP. DAVIS TO HOST BOOT CAMP FOR JOB SEEKERS AUG. 30 & A HOME MORTGAGE CLINIC AUG. 27

August 16, 2011 (San Diego –Congresswoman Susan Davis (D-San Diego) will host a Boot Camp for Job Seekers on August 30. Her office announced the event today, following a visit to her office by constituents concerned about jobs.

 


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READER'S EDITORIAL: THE HIDDEN COST OF THE HOME LOAN MODIFICATION PROCESS

 

by Jason Jones, J.D.

 

August 4, 2011 (San Diego)--As a bankruptcy attorney, I meet with clients everyday who struggle to make mortgage payments on their homes. Most of these clients participate in their bank’s loan modification program. But despite government pressure on banks to offer loan modifications, the sad truth is that most clients will never actually receive a modification.

 

Despite this fact, the bank’s programs will “consider” every applicant; no matter how likely they are to ultimately qualify. While it seems like this over-inclusiveness would be good, or at least neutral, it is in fact harmful to the struggling homeowner.


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$15 MILLION AVAILABLE FOR FIRST-TIME HOMEBUYERS, COUNTY ANNOUNCES

Many East County communities are on list of eligible areas

December 18, 2009 (San Diego) -If you're a first-time homebuyer, you may be able to take advantage of state funds awarded to the County of San Diego Department of Housing and Community Development. The department received $15 million for the Mortgage Credit Certificate, or MCC, program, in addition to almost $11 million awarded to Housing and Community Development earlier this year.


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ANDERSON BILL TO PROTECT HOMEOWNERS FROM FORECLOSURE AWAITS GOVERNOR’S SIGNATURE

October 8, 2009 (San Diego’s East County)—AB 1046, authored by Assemblyman Joel Anderson (R-Alpine) has passed both houses of the Legislature unanimously and is now on the Governor’s desk. If enacted, would protect homeowners from having their home seized by creditors as payment for debt that is unrelated to their mortgage.

 

“Hard times can fall on anyone and it is important to have basic legal protections for their greatest investment - their life savings,” Anderson said.


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REPORT: FORECLOSURE MEDIATION PROGRAMS’ POTENTIAL TO HELP HOMEOWNERS NOW IN JEOPARDY DUE TO LACK OF INDUSTRY ACCOUNTABILITY

 

National Consumer Law Center Looks at 25 Programs in 14 States Including California: Mediation Programs Seen as Faltering

 

October 7, 2009 (Washington D.C.)--A spate of new state and local programs that have emerged over the last year requiring mediations or conferences before foreclosures sales take place have great potential to help homeowners, but are suffering from the same lack of industry accountability that has plagued voluntary federal mortgage modification programs, according to a major new study from the nonprofit National Consumer Law Center (NCLC).


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