Get Ready to Lose the Old Homestead

If you one of the ten percent of California homeowners who hasn’t made a mortgage payment in at least sixty days, don’t expect the state legislature to cut you any slack. According to the San Francisco Chronicle, the state Assembly has just rejected a bill to require lenders to fully consider any request delinquent borrowers have made for a loan modification before proceeding to foreclose on their homes. The feds have instituted a plan to have mortgage holders voluntarily go along with this process, but the state law would have given borrowers the right to sue if banks foreclosed while in the midst of negotiating new mortgage terms. Consumer groups are miserable, of course, and business groups are thrilled.

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