New California Homeowner’s Bill of Rights May Trigger New Borrower Rights, Lawsuits with Damages!

Posted over 1 year ago. Applies to California, 0 helpful votes

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Banks (Servicer, Trustee) Evidence of Compliance

The California Homeowner's Bill of Rights, termed HOBR requires that "licensees" will be responsible for maintaining evidence of compliance with all of the new requirements. "Such evidence includes, but not be limited to, phone conversation logs, copies of correspondence, notices, declarations and operations manuals that establish a mortgage servicer's policies and procedures. A licensee's books and records should establish that required correspondence and notices occur within the time periods set forth in the law."

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HOBR -- CA Right to Sue for Treble and Statutory Damages!

New Violations / New Private Right of Action / New Damages: If Trustee's Deed Upon Sale is Recorded, then a borrower may sue for "actual economic damages" caused by the violation - if not corrected or remedied before the trustee's deed was recorded. If the court finds the material violation was intentional, reckless, or resulted from willful misconduct, the court may award the borrower treble the actual damages or statutory damages of $50,000. A prevailing BORROWER may also be awarded reasonable attorney fees and costs.

Additional Resources

http://www.rydstromlaw.com/html/foreclosure.html For full Article or Interview: http://www.rydstromlaw.com/html/articles.html Free Initial Consultation: 1-877-946-4968 or Email: info@rydstromlaw.com California Attorney at Law Richard Ivar Rydstrom, Esq.

Foreclosure Attorney CA OC

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