Bill > SB900

This bill aims to modify the foreclosure process in California to help homeowners avoid losing their homes by ensuring they have a meaningful opportunity to explore alternatives to foreclosure, such as loan modifications. It defines key terms like "mortgage servicer" (the entity managing a loan) and "foreclosure prevention alternative" (options like loan modifications). The bill mandates that mortgage servicers must attempt to contact borrowers before initiating foreclosure proceedings, offering them a chance to discuss their financial situation and explore options. It also establishes requirements for providing borrowers with information about available assistance, outlines specific procedures for handling loan modification applications, and sets timelines for these processes. Furthermore, the bill introduces provisions for a "single point of contact" for borrowers seeking foreclosure alternatives, ensuring consistent communication. It also details remedies for violations, allowing borrowers to seek injunctive relief or damages, and includes provisions for the accuracy of foreclosure-related documents. The bill's provisions are generally set to expire on January 1, 2018, unless extended by later legislation.