What are the foreclosure laws in my state?

In California, the foreclosure laws are designed to protect homeowners facing foreclosure. The California Homeowner Bill of Rights (HBOR) protects people from unfair foreclosures. It requires lenders to provide a single point of contact to communicate with homeowners and to increase disclosure of important documents. The HBOR requires lenders to verify any documents used to prove the debt owed, and to provide homeowners with foreclosure prevention options like loan modifications. It also prohibits lenders from dual tracking, which is the practice of foreclosing on a home while considering the homeowner for a loan modification. California also has a right of redemption, which allows homeowners in foreclosure to pay what they owe within one year of the sale of the property, and have the deed returned to them. This right also allows homeowners to catch up on payments and keep their home as long as they have the money. The Department of Justice has published homeowner protections to inform homeowners on the foreclosure process, including what forms they must receive, current contact information for their lender, and the timeline the lender must follow to complete the foreclosure. Homeowners facing foreclosure in California should contact a professional to understand their rights and the foreclosure process. Knowing the laws can help give homeowners peace of mind and the best chance to keep their homes or receive a fair settlement.

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What are the foreclosure laws in my state?

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