The men and women who serve this country receive standing ovations at sporting events and have doors held for them when they’re in uniform, but far too often we see military families facing foreclosure just like civilians. While some mortgage lenders have been known to be willing to work with families who are having trouble making their monthly payments, others have traditionally shown a lack of compassion for our service personnel. There are new laws protecting military service men and women from losing their homes to foreclosure in California.
Senate Bill 90, also known as the Homeowners Bill of Rights specifically states “For mortgage debt entered into prior to active military service, this measure holds the interest rate ceiling on the loan to six percent (6%) during the tenure of active military service and one year after service has ended.” This new law will prevent hundreds, if not thousands of military families from losing their homes to foreclosure during their time in service.
This new Military Foreclosure Assistance will prevent lenders from raising mortgage rates during certain periods, making it more affordable for families with loved ones overseas to keep their homes. Consumer Action Law Group has stood strong for families across California who have been facing foreclosure for years, and this new Homeowners Bill of Rights gives us even more to back our cases.
California’s Homeowners Bill of Rights
While the Homeowners Bill of Rights will help military families from losing their homes to foreclosure, the new laws that went into effect on January 1, 2013, protect homeowners in many other ways as well. Among other things, new measures prevent lenders from moving forward with foreclosure proceedings while a homeowner is in the process of applying for a loan modification and requires that the debtor is given a single point of contact.
The Homeowners Bill of Rights for California has many new parameters to protect homeowners against predatory lenders and puts measures in place to prevent illegal foreclosures. The Los Angeles Foreclosure Attorneys of Consumer Action Law Group have been able to help our clients keep their homes and save millions of dollars before this law was enacted, but the new bill gives us even more to help fight foreclosures.
Speak With a Foreclosure Attorney Today for Free
If you are facing foreclosure, the best thing that you can do is to call a Foreclosure Attorney today. We offer free legal consultations to determine where in the foreclosure process you currently are and determine what options you have to keep your home. In many cases, time is of the essence, so we encourage you to call us and schedule your free consultation with an attorney today.
