California News

Gov. Brown signs Homeowner Bill of Rights

Wednesday, July 11, 2012
California Gov. Jerry Brown is seen in this undated file photo.

California Gov. Jerry Brown is seen in this undated file photo. (KABC Photo)

Gov. Jerry Brown is making it easier for homeowners in trouble to keep their homes. He signed the so-called California Homeowner Bill of Rights.

The new law bans "dual tracking" so that banks can't foreclose on your home while you're pursuing a loan modification.

The law also increases penalties for "robo-signing," which is automatic approval for a foreclosure without reading documents. Homeowners can also sue for significant violations.

There are nearly a million foreclosed homes in the state, and another 700,000 are at risk. California is the first state to adopt such a law.

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housing market, california news
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