California Lawmakers Set To Vote On Foreclosure Legislation
Monday, July 2, 2012
Santa Clarita resident Charlie Chang wants lawmakers to pass the Homeowners’ Bill of Rights. He said he was a victim of what part of the legislation is designed to prevent: having banks foreclose while loan modifications are in progress.
It’s called duel tracking. That happened to Chang after he suffered a stroke, and he almost lost his home. He said if the proposed legislation were in place, his life would be different now.
“Oh my god, it just would have been a lifesaver," said Chang. "It would never have been an issue and I probably would have some of my retirement and maybe even some savings left.”
California’s banking industry also wants to prevent duel tracking, but it’s opposed to other parts of the legislation. It said some of changes are too broad and fail to focus on borrowers who may have truly been injured.
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