Rocky Chavez voted Nay (Passage With Amendment) on this Legislation.
Title: Authorizes Heirs to Receive Home Loan Information
Signed by Governor Jerry Brown, Jr.
Title: Authorizes Heirs to Receive Home Loan Information
Vote to concur with House amendments and pass a bill that establishes the rights of heirs when assuming a deceased individual's homeowner loan.
Reasonable documentation of death of loan holder within 30 days of a written request;
Reasonable documentation from claimant demonstrating ownership in the real property within 90 days of a written request; and
Reasonable documentation demonstrating principal residence within the last 6 continuous months.
Requires a mortgage servicer to provide information to the claimant within 10 days of being deemed a successor of interest, including, but not limited to (Sec. 2):
Loan balance;
Interest rates and interest reset dates and amounts;
Balloon payments and prepayment penalties, if any;
Default or delinquency status; and
Monthly payment amounts and payoff amounts.
Authorizes the successor to assume the deceased borrower’s loan, and, if they qualify, foreclosure prevention (Sec. 2).
Specifies that a mortgage servicer is not required to provide loan modification to the successor (Sec. 2).
Specifies that a successor will have all the same rights and remedies as the original loan holder (Sec. 2).
Specifies that there may be more than 1 successor in interest (Sec. 2).
Specifies the act is in effect until January 1, 2020 (Sec. 2).
Title: Authorizes Heirs to Receive Home Loan Information
Vote to pass a bill that establishes the rights of heirs when assuming a deceased individual's homeowner loan.
Reasonable documentation of death of loan holder within 30 days of a written request;
Reasonable documentation from claimant demonstrating ownership in the real property within 90 days of a written request; and
Reasonable documentation demonstrating principal residence within the last 6 continuous months.
Requires a mortgage servicer to provide information to the claimant within 10 days of being deemed a successor of interest, including, but not limited to (Sec. 2):
Loan balance;
Interest rates and interest reset dates and amounts;
Balloon payments and prepayment penalties, if any;
Default or delinquency status; and
Monthly payment amounts and payoff amounts.
Authorizes the successor to assume the deceased borrower’s loan, and, if they qualify, foreclosure prevention (Sec. 2).
Specifies that a mortgage servicer is not required to provide loan modification to the successor (Sec. 2).
Specifies that a successor will have all the same rights and remedies as the original loan holder (Sec. 2).
Specifies that there may be more than 1 successor in interest (Sec. 2).
Specifies the act is in effect until January 1, 2020 (Sec. 2).
Title: Authorizes Heirs to Receive Home Loan Information