California Senate Bill 1150 Approved


Filed under: Market Comentary


bill2Earlier this week, California’s Senate approved Senate Bill 1150, a new legislation designed to protect widows, widowers, and other heirs from unnecessary foreclosures.

Called the Homeowner Survivor Bill of Rights, SBOR was approved by the Senate with 23 votes for it, and will now be forwarded to Governor Jerry Brown for his approval or veto.

SB 1150, co-written by Senators Mark Leno and Cathleen Galgiani, provides critical protections for widowed spouses and other survivors, including domestic partners, heirs, siblings, joint tenants, and other people who own their homes, but are not listed on the mortgage.

The importance of the bill closes a “loophole” in California law that fails to provide protection to surviving homeowners against foreclosure.

Kevin Stein, associate director for the California Reinvestment Coalition stated, “Today’s vote is an important step forward in protecting California seniors from unnecessary foreclosures that are the direct result of mortgage servicer red tape and intransigence.”

Nan Brasmer, president of the California Association of Retired Americans added, “We’ve worked hard to educate our legislators about the very real impact this problem is having on California seniors, and today’s vote is an acknowledgment that SB 1150 is smart public policy.”

SB 1150 is co-sponsored by the Housing and Economic Rights Advocates, the California Reinvestment Coalition, and the California Association for Retired Americans. In addition, the bill has been supported by California Attorney General Kamala Harris and organizations such as AARP California, Courage Campaign, CalPIRG, the Multicultural Real Estate Alliance for Urban Change, the National Council of La Raze, National Housing Law Project, and the Neighborhood Housing Services of Los Angeles County.

Housing and Economic Rights Advocates also released a document explaining how women are far more likely to be impacted by this issue and that these needless foreclosures wipe out the main asset most Americans, especially older Americans, own.

Executive director of Housing and Economic Rights Advocates Maeve Elise Brown said, “SB 1150 is a pragmatic way to stop widows, widowers and other heirs from needlessly losing their homes to foreclosure and we hope Gov. Brown signs it quickly.”

If you have any questions about the mortgage industry, please give me a call so we can discuss whatever is on your mind.

Source: https://survivorbillofrights.org/


Franklin Loan Center | NMLS 237653
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, 4131316
http://www.nmlsconsumeraccess.org/entitydetails.aspx/COMPANY/237653
For questions or concerns please email info@franklinlc.com