Thursday, June 28, 2012

Don't Change the California Non-Judicial Foreclosure Laws

California non-judicial foreclosures 

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.

Protect property values

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.  

________________________________________________

 

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 via email from Explore OC Homes

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