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Final parts of California Homeowner Bill of Rights signed into law

By tvgnus   Follow   Tue, 25 Sep 2012, 9:07pm   777 views   4 comments
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http://www.centralvalleybusinesstimes.com/stories/001/?ID=21964

California has been the epicenter of the foreclosure and mortgage crisis,” says Attorney General Kamala Harris. “The Homeowner Bill of Rights will provide basic fairness and transparency for homeowners, and improve the mortgage process for everyone.

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1. curious2 Follow Befriend (5) 31 threads 2,265 comments Premium

   1   11:16pm Tue 25 Sep 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   Funny they call it the homeowner bill of rights. It seems to have a few provisions for debtors, but nothing for homeowners per se.

2. 37108605 Follow Befriend 1 threads 1,055 comments

   2   4:15am Wed 26 Sep 2012   Share   Quote   Permalink   Like (1)   Dislike   CA is the epicenter of all that is crazy.

3. country_stroll Follow Befriend 38 comments

   3   7:39am Wed 26 Sep 2012   Share   Quote   Permalink   Like   Dislike   The net result of this is lower prices for foreclosed properties. All you need to read is the below section: "Sec. 1161b. (c) The purchaser or successor in interest shall bear the burden of proof in establishing that a fixed-term residential lease is not entitled to protection under subdivision (b)." All squatters will now produce a fixed-term lease upon eviction. The purchaser of this property will have the burden to prove that this lease is not entitled to protection under the statute. There is an exception for owner-occupied successors-in-interest over the fixed-term lessee, but they still have to file some affidavit to the court attesting to the fact that they intend to occupy the foreclosure, and then they have to evict the holdover tenant. So I guess the way this will work is the bank will foreclose, allow the lessee to remain in the residence until resale by the bank to a new owner occupier. The new owner-occupier will then have to go to court to have the lease set aside and give the tenant 90 days notice to quit the property. All this extra effort by buyers will be funded by lower prices paid for foreclosure resales since fewer buyers will be willing to deal with the hassle. The only buyers that would be willing to deal with the hassle are investors. But, they don't get an exemption to the fixed-term lease! As a result, investors will pay even less for foreclosures since they won't know when they might get possession of the property and be able to begin collecting rent. Even if the property appears to be unoccupied, what happens if a tenant enters the property after the foreclosure sale with a lease dated prior to the foreclosure sale? The statute only says: "holding possession" with a lease "entered into before transfer of title at the foreclosure sale". Good grief, who drafts these things?

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   4   5:23am Thu 27 Sep 2012   Share   Quote   Permalink   Like   Dislike   curious2 says Funny they call it the homeowner bill of rights. It seems to have a few provisions for debtors, but nothing for homeowners per se. All this wacko liberal shite is based on debtors so they can then tell them they are out to help them. It is a dangerous spin cycle poor people and simpleminded people fall for time in and time out. Why do you think they spew the same crap to these people over and over again? It works or shall I say worked.