Tuesday, November 6, 2012

Update on Some Recent California Real Estate Laws

The California Bill of Rights was enacted into law on July 11, 2012 to assist struggling Californians keep their homes.  This law will go into effect on January 1, 2013 and it aims to avoid foreclosure where possible.  It generally prohibits lenders from engaging in dual tracking, requires a single point of contact for borrowers seeking foreclosure prevention alternatives, providers borrowers with certain safeguards during the foreclosure process, and provides borrowers with the right to sue lenders for material violations of this law.  The bulk of the law applies to first trust deeds secured by owner-occupied properties with one-to-four residential units.

Another new law is California Education Code section 48204 which extends until 2017 a school district's ability to admit a student if the student's parent works at least part-time within the boundaries of that school district.

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