Home Owner Bill of Rights Empowering Home Owners
The Home Owner Bill of Rights is not simple but here at Lynx Law Firm we can assist in clearly explaining the procedural requirements in order to bring a valid Home Owner Bill of Rights claim so that you may make an informed decision.
In July 2012, California Governor Jerry Brown signed the Homeowner Bill of Rights (HBOR). This landmark legislation was created to combat the foreclosure crisis and hold banks accountable for exacerbating it.
The California Legislature passed HBOR to give borrowers a private right of action to enforce these protections in court and to apply these requirements to all servicers,
There are significant limits to HBOR’s application. First, HBOR applies only to foreclosures of first liens on owner-occupied, one-to-four unit properties.
Second, HBOR only provides procedural protections to foster alternatives to foreclosure; nothing in HBOR requires a loan modification.
HBOR continued the existing requirement that a servicer may not record a notice of default (NOD) until 30 days after contacting,or diligently attempting to contact, the borrower to discuss alternatives to foreclosure. The statutes provide specific instructions on the nature and content of the communication.