California’s non-judicial foreclosure law system works well and is fair to borrowers and lenders.
The California legislature should reject the cry of those who say we have too many foreclosures – and should not change the state’s non-judicial foreclosure laws.
The Attorney General Harris so-called “Homeowners Bill of Rights” – is a deception – is against foreclosures – and won’t help home or property owners.
Challenge for California real estate is not that we have too many foreclosures – it’s that too many houses and properties are occupied by people who have defaulted on loans and stay there without making any payment.
California Association of REALTORS® opposes this proposed anti-foreclosure legislation, which will be considered by the assembly and senate after “conference committee” the first week of July, 2012
CALIFORNIA LEGISLATORS SHOULD OPPOSE AND REJECT THESE ANTI-FORECLOSURE BILLS.
- Change of CA foreclosure laws will have unintended consequences of drying up mortgage loans for anyone except the most well-qualified borrowers.
- Proposed anti-foreclosure laws would increase costs of all mortgages.
- Would allow any borrower to file a private lawsuit, which will encourage Plaintiff trial lawyers to pursue frivolous litigation.
- Language is vague about whether a person needs to be harmed to file a lawsuit and awarded damages.
- Would allow one-sided attorneys fees to be awarded to plaintiffs based on the broad definition of a “prevailing party”.
- Would restrict lenders’ remedy of foreclosure, which they need to recover their security.
- Would cause credit to be less available for borrowers and slow down housing recovery.
- Would expose lenders to unnecessary lawsuit liability.
- Would result in drying up housing inventory.
- Would artificially slow down the foreclosure process, keeping properties off the market that are legitimately in foreclosure.
- Would invite bad faith defaults and lawsuits by those who would “game” the system.
- Would over burden the already overwhelmed and underfunded courts.
- Would stop or slow down legitimate foreclosures.
- Would force lenders to tighten lending standards at the expense of home buyers.
- Current non-judicial foreclosure system in California works well and is fair to lenders and borrowers.
CALIFORNIA LEGISLATORS SHOULD “SAY NO” AND REJECT THE PROPOSED ANTI-FORECLOSURE BILLS.
California lawmakers should focus on fixing the state’s money and budget mess, inspire economy and job growth, help private business and industry, while protecting taxpayers and property owners.
Harrison K. Long – REALTOR® and broker associate, GRI – Coldwell Banker Residential Brokerage – 949-854-7747 (phone) – ExploreProperties@gmail.com (email) – CA DRE 01410855 – SFR short sale and foreclosure resource certified by the National Association of REALTORs® – now serving as a director at the Orange County Association of REALTORs® and an appointed director at California Association of REALTORs® – also an attorney member of the California State Bar Association #69137