Holding On To the Dream: A Homeowner Bill of Rights

by Assemblyman Rich Gordon

I was proud to support the Homeowner Bill of Rights and send the legislation to Gov. Jerry Brown on Monday afternoon for his approval. These historic new consumer protections will add unprecedented safeguards and transparency for families struggling to hold on to their dream of home ownership.

Because of the significance of this work, I wanted to let you know what the Homeowner Bill of Rights will accomplish and ask that you tell your family, friends and neighbors about these important consumer protections. The two-bill package does the following:

• Bans "dual track" foreclosures - a bank cannot foreclose on a homeowner while at the same time negotiating a modification,

• Requires a single point of contact for borrowers - no longer would multiple contacts from different banks and services be allowed to confuse borrowers attempting to resolve their situation and prevent foreclosure,

• Requires mortgage lenders to provide notice to borrowers of the chain of title in a mortgage note, and

• Creates civil penalties for "robo-signing" - fraudulent signing of mortgage documents by lenders or servicers.

AB 278 and SB 900 were based on the unfair experiences of those in our community who were misled or forced from their home. They are designed to give homeowners an opportunity to renegotiate with their lenders and stay in their homes.

To learn more about the Homeowner Bill of Rights, please visit the website.

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