SB 818 Signed by Governor, Homeowner Bill of Rights Restored
SAN JOSE – Senator Jim Beall, D-San Jose, chairman of the Senate Transportation and Housing Committee, issues this statement on today’s ratification of SB 818 by Governor Brown today to restore the Homeowner Bill of Rights, which had lapsed on Jan. 1, 2018:
“Californians can once again count on the protections that helped thousands of homeowners hold onto their houses during the 2008 financial crisis. The protections under SB 818 will provide borrowers with a fair and clear process when they enter negotiations with lenders to modify their home loans.
“With the restoration of the Homeowner Bill of Rights, dual tracking will be outlawed and borrowers will be given sufficient time to appeal a denial of a loan modification request. Lenders will have to provide timely notifications on the status of a loan modification application and homeowners will have the right to appeal denials.
“I thank Governor Brown for his support of SB 818. My thanks also go to the many advocates who helped me get this bill through the Legislature and onto the Governor’s desk, including the Housing and Economic Rights Advocates; the National Housing Law Project; the California Low-Income Consumers Coalition; the California Reinvestment Coalition; the Center for Responsible Lending; the California Labor Federation; and the California Alliance for Retired American.’’