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Bank of America begins notifying distressed homeowners about reductions in principal

Wednesday, April 24th, 2013

Bank of America announced Tuesday that it has begun contacting about 200,000 customers who have fallen behind on home loans and who owe more than their current home values to notify them that they may qualify to have their loan balances reduced as much as $100,000. However, only loans owned by Bank of America will qualify. Those owned or backed by government-controlled mortgage buyers Fannie Mae and Freddie Mac, or backed by the Federal Housing Administration, are ineligible. Read More

Foreclosure prevention efforts bog down in California

Wednesday, April 24th, 2013

Efforts to easeCalifornia’s foreclosure troubles are meeting opposition inSacramento. A rare legislative conference committee called to rescue a pair of stalled foreclosure-prevention bills was bogged down after marathon sessions at the state Capitol, while Gov. Jerry Brown pushed to use some ofCalifornia’s share of the $25-billion national mortgage settlement to plug holes in the state’s budget, angering many housing activists. Read More

California to enact Homeowners Bill of Rights

Wednesday, April 24th, 2013

The State of California has passed a homeowners bill of rights.  The legislation known as SB 900 and AB 278 has now been forwarded to Governor Jerry Brown for his signature.  Governor Brown in a press release has indicated that he will sign the legislation into law. The laws will go into effect on January 1, 2013. The new laws will prohibit the following: Read More

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