Don't Change the California Non-Judicial Foreclosure Laws
California's non-judicial foreclosure law system works well and is fair to borrowers and lenders.
The California legislature should reject the cry of those who say we have too many foreclosures - and should not change the state's non-judicial foreclosure laws.
The Attorney General Harris so-called “Homeowners Bill of Rights” - is a deception - is against foreclosures - and won't help home or property owners.
Challenge for California real estate is not that we have too many foreclosures - it's that too many houses and properties are occupied by people who have defaulted on loans and stay there without making any payment.
California Association of REALTORS® opposes this proposed anti-foreclosure legislation, which will be considered by the assembly and senate after "conference committee" the first week of July, 2012
CALIFORNIA LEGISLATORS SHOULD OPPOSE AND REJECT THESE ANTI-FORECLOSURE BILLS.
- Change of CA foreclosure laws will have unintended consequences of drying up mortgage loans for anyone except the most well-qualified borrowers.
- Proposed anti-foreclosure laws would increase costs of all mortgages.
- Would allow any borrower to file a private lawsuit, which will encourage Plaintiff trial lawyers to pursue frivolous litigation.
- Language is vague about whether a person needs to be harmed to file a lawsuit and awarded damages.
- Would allow one-sided attorneys fees to be awarded to plaintiffs based on the broad definition of a “prevailing party”.
- Would restrict lenders' remedy of foreclosure, which they need to recover their security.
- Would cause credit to be less available for borrowers and slow down housing recovery.
- Would expose lenders to unnecessary lawsuit liability.
- Would result in drying up housing inventory.
- Would artificially slow down the foreclosure process, keeping properties off the market that are legitimately in foreclosure.
- Would invite bad faith defaults and lawsuits by those who would "game" the system.
- Would over burden the already overwhelmed and underfunded courts.
- Would stop or slow down legitimate foreclosures.
- Would force lenders to tighten lending standards at the expense of home buyers.
- Current non-judicial foreclosure system in California works well and is fair to lenders and borrowers.
CALIFORNIA LEGISLATORS SHOULD "SAY NO" AND REJECT THE PROPOSED ANTI-FORECLOSURE BILLS.
California lawmakers should focus on fixing the state's money and budget mess, inspire economy and job growth, help private business and industry, while protecting taxpayers and property owners.
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Harrison K. Long – REALTOR® and broker associate, GRI – Coldwell Banker Residential Brokerage – 949-854-7747 (phone) – ExploreProperties@gmail.com (email) – CA DRE 01410855 – SFR short sale and foreclosure resource certified by the National Association of REALTORs® – now serving as a director at the Orange County Association of REALTORs® and an appointed director at California Association of REALTORs® – also an attorney member of the California State Bar Association #69137
posted by Harrison K. Long @ 9:58 AM
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