Proposed California Foreclosure Modification Act

[momopi]

http://ag.ca.gov/cms_attachments/initia ... 1-0014.pdf

SECTION 4. Article 1 of the California Constitution is amended, with the addition of SEC. 31 to read:

It is a fundamental right for every Californian to purchase and own a home and real property. As such no township, city, county, municipality, corporate entity, the Legislature or agents thereof shall infringe on this given right of the State of California to its citizens. In that this right is granted to the citizens of California, the State and its agents (townships, cities, counties, legislature and departments thereof) shall endeavor to assist and encourage the ownership of a personal home or property and such as related to same.

No citizen of the State of California shall lose or have that deemed as their personal home or property taken by foreclosure or any instrument thereof or similar to. In the event of non payment in the time defined by standard loan contracts, due to financial hardship or illness by the home or property borrower, then the lending institution, loan servicers, mortgagees, trustees and beneficiaries shall make every effort to assist California borrowers and in the event of a reduction of local property values of more then 10%, a reduction of principal to reflect the new value shall be used, as well as to reschedule payments and or reduce interest rates and or refinance without credit review of the loan in order to bring said loan current.


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[OutWest]

http://ag.ca.gov/cms_attachments/initia ... 1-0014.pdf

SECTION 4. Article 1 of the California Constitution is amended, with the addition of SEC. 31 to read:

It is a fundamental right for every Californian to purchase and own a home and real property. As such no township, city, county, municipality, corporate entity, the Legislature or agents thereof shall infringe on this given right of the State of California to its citizens. In that this right is granted to the citizens of California, the State and its agents (townships, cities, counties, legislature and departments thereof) shall endeavor to assist and encourage the ownership of a personal home or property and such as related to same.

No citizen of the State of California shall lose or have that deemed as their personal home or property taken by foreclosure or any instrument thereof or similar to. In the event of non payment in the time defined by standard loan contracts, due to financial hardship or illness by the home or property borrower, then the lending institution, loan servicers, mortgagees, trustees and beneficiaries shall make every effort to assist California borrowers and in the event of a reduction of local property values of more then 10%, a reduction of principal to reflect the new value shall be used, as well as to reschedule payments and or reduce interest rates and or refinance without credit review of the loan in order to bring said loan current.


I love this cute law! Perhaps it could become the law of the land in California. A free chicken and a free house in every pot! Whee...Free money!
Of course under such a law, home foreclosures would stop in California, and home mortgage lending would also cease.
Of course the real reason I love this possible law is that I am selfish. I am an absentee property owner in Arizona, and I can hardly imagine a better way to boost values in Arizona than to convert California properties to a non-collateral status. People will flock to Arizona from California because it will no longer be possible for them to get home loans in that state. I love it!

Outwest

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[georgiamiller]

I hope this proposed California foreclosure modification act will be passed.

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Foreclosure Lawyer |Foreclosure Attorney