Foreclosure protection law gets approved by California lawmakers

07/03/2012 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)

San Francisco, CA – California legislators have approved a measure aimed at helping to protect homeowners from foreclosure. As reported by Reuters, lawmakers approved the sweeping bill Monday, and it is expected to be signed into law by Governor Jerry Brown in the days ahead.

The legislation has received criticism from banks and others who suggest it may burden lenders and have a negative impact on real estate market recovery in the long-term.

Among other things, the measure will reportedly prohibit banks from going forward with foreclosures during ongoing loan modification negotiations with homeowners as well as allowing claims against banks for “robo-signing” practices.

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