Posted by 101livescan on 4/19/11 10:49am
Msg #380417

New CA Legislation for Distressed Homeowners

http://www.dsnews.com/articles/waters-introduces-bill-calling-for-mandatory-loss-mitigation-2011-04-18

It's about time. How many more people need to be emptied out of thier homes and onto the streets before the banks are forced to mitigate these loans and keep the lights on in the home and in the hearts of these families facing huge losses.

I believe this will be a trend across the country.

Reply by JanetK_CA on 4/19/11 2:01pm
Msg #380481

Interesting - and at least a start. Thanks for sharing! n/m

Reply by topflyt on 4/19/11 2:17pm
Msg #380485

Re: Interesting - and at least a start. Thanks for sharing!

Give me a break! The banks certainly don't want these homes back. Why haven't they accelerated their loan modifications to help both themselves and the distrought homeowners?
If they really want to end up with millions of homes on their hands, then let them do what they are currently doing....nothing!
This better light a fire under their butts!

Reply by jba/fl on 4/19/11 3:29pm
Msg #380513

Re: Interesting - and at least a start. Thanks for sharing!

And you give enough breaks to the greedy homeowners who are living in their homes now, paying no payments, not even rent, and what does that tell others who are struggling to keep their homes, making those payments under altered circumstances and really and truly struggling? As it is, some just want to quit with their payments but have a sense of obligation for that signature they made on those documents.

But give enough breaks to the others, then this second set of individuals may just decide that they can do the same. After all, the banks certainly don't want these homes back. Why can't I, and others like me, get a break as well? Why can't I have a chunk taken to reduce my obligation as well? I should get more as I am the one paying property taxes and insurance which goes to safeguarding the neighborhood at large. Where is my break?

So light those fires - give everyone $50K - $100K off their current loans and lets start this mess all over. Then I would think that justice has been served, equally.

Reply by MikeC/NY on 4/19/11 4:36pm
Msg #380536

Re: Interesting - and at least a start. Thanks for sharing!

"Give me a break! The banks certainly don't want these homes back."

If that's the case, why are they being so hard-nosed about modifying the loans? There are two options here - either they work with the borrower to salvage the loan, or they take the property. If the banks don't want the property, how do you explain "robosigning" and the falsification of documents by foreclosure-mill law firms? Why do you suppose the lenders would be willing to violate the law in the process of throwing people out of their homes, if in fact they really didn't want to repossess the property?