Homeowners Bill of Rights: Are they preventing or delaying foreclosures?

September 30th, 2013 | by Dominique Fong | Comments

A hearing Tuesday in Santa Ana will review the Homeowners Bill of Rights, laws enacted last year to help borrowers better negotiate mortgage loans.

The forum will evaluate whether the laws have been of any help to homeowners. The Senate Banking and Financial Institutions Committee, chaired by State Senator Lou Correa (D-Santa Ana), plans to discuss whether the laws have actually prevented foreclosures, rather than simply delaying them.

Other topics include:

- Challenges when negotiating loan modifications

- Whether mortgage loan providers are still foreclosing on borrowers during active discussions

- Who’s benefiting from the bump in recent home prices

Lawyers, real estate agents, data analysis firm Property Radar, housing counseling experts and other representatives will be there to help answer questions.

The hearing will be held at 9 a.m. on Oct. 1 in Room 107 of Rancho Santiago Community College District Board Room, 2323 North Broadway, Santa Ana.

What have your experiences been like negotiating a mortgage loan modification?

Business and real estate reporter Dominique Fong can be reached at (760) 778-4661, dominique.fong@thedesertsun.com and on Twitter @dominiquefong.

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