Oakland, California, May 10, 2018- SB 818 a bill that helps ensure Californians are treated fairly mortgage by loan servicers was approved by the senate. SB 818 restores original language from the Homeowners Bill of Rights (HBOR) that sunset at the end of 2017. HERA is a proud co-sponsor of this bill.
HBOR is widely described as the groundbreaking law that evens the playing field between homeowners and mortgage servicers. The foreclosure crisis may be over but that in no way means that these protections are not important. Homeowners, including surviving spouses and children are still at risk, and these protections ensure they will be treated fairly.
SB 818 requires mortgage servicers to stop foreclosure if a homeowner submits a complete application for a loan modification. It sets up the requirement of the servicer notifying the homeowner of having received the application, informing homeowners if they’ve submitted an incomplete application and providing a reasonable amount of time to appeal a denial.
SB 818 was approved by the Senate 23-12 and will now go before the Assembly.