Governor Brown Passes massive Foreclosure reform California Homeowners Bill of Rights making it illegal to “dual track” a homeowner that is “actively seeking and engaged ” in “foreclosure prevention” (Loan Mod, Short Sale, Deed in Lieu) while, at the same time, pursuing foreclosure.

This has been the complaint of homeowners and Realtors alike…working through the Short Sale process to avoid foreclosure.  Often time, the Mortgage Company will set a Trustee Sale Date while the homeowner has been approved for a Short Sale, the process of selling a home for less than what is owed.

Dual tracking is one of the many areas addressed by this law, however, “Dual Tracking” has been a threat for many homeowners that are attempting to responsibly resolve a bad financial situation.

It was also stated in this law that a foreclosure costs local government $19,229.00 in costs, lost taxes and other revenues.

These amendments to current law expire January 1, 2012… The leaders of the State of California recognize that we are in dire straights and there is not foreseeable end to the Housing Crisis in California.

Here is a link tot he new law…

California Homeowners Bill of Rights is Now Law

http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201120120AB278