Now that the election is over and we know who our new governor will be as well as our state’s senate and assembly members, we strongly suggest that the State Legislature begin to work on a bill to protect California homeowners by mandating that foreclosures can only take place under court order.
Let’s see if the State Legislature can withstand the intense pressure of mortgage lenders not to provide the state’s residents with protection.
The recent halt in foreclosures was little more than a symbolic gesture by banks and mortgage holders to pacify the public and regulating authorities. When the mortgage industry was found to have foreclosed on a huge number of properties through shoddy and larcenous behavior as they rushed to get these properties off their books, our elected officials sent out press releases demanding that the practice be stopped. When asked what more could be done, or how homeowners who have already lost their home as result of their loan holder’s misdeeds could be helped, few California legislators were willing to even answer or suppose; preferring instead to sweep those already harmed out the door.
It is time for our officials to put some meat into homeowner protections, and do more than just act as if justice for foreclosed on homeowners is unachievable.Posted - Copyright © 2022 Eastern Group Publications, Inc.