California Assembly Rejects Foreclosure/Modification Bill

SB1275, a bill that would have required banks to hold off on foreclosure proceedings while they were negotiating loan modifications with a home owner was rejected this week by the Assembly.  This bill would have also required the banks to actually look at a loan modification before they could foreclose.  Needless to say, the banks have fought hard against this bill.

There are arguments for and against this bill.  Was it the cure-all?  Of course not.  Would it have helped?  Many think so.  So what do we do now?  I will try to keep you posted here.  Remember to write (or email or phone) your representatives.  This is the biggest single thing we can each do!  To read the full article published today by the San Francisco Chronicle click HERE.

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