(SACRAMENTO) – Legislation by Senate President pro Tem Don Perata (D-Oakland) providing immediate relief to homeowners caught in the mortgage crisis passed the Assembly today.
SB 1137 would give notice to property residents that the foreclosure process has begun, provide tenants additional time to move from a foreclosed property and mandate maintenance of foreclosed properties to diminish the impact on the value of neighboring homes.
The legislation is coauthored by Assembly Speaker Karen Bass (D-Los Angeles).
"Foreclosures are afflicting thousands of Californians and their communities," Perata said. "SB 1137 gives homeowners more advanced warning a foreclosure may be coming and provides the tools they need to help avoid it."
Senator Perata´s bill has broad support and no known opposition. SB 1137 is an urgency measure that would take effect immediately when signed into law. The bill now returns to the Senate for concurrence, which is expected this week.
SB 1137 would give notice to property residents that the foreclosure process has begun, provide tenants additional time to move from a foreclosed property and mandate maintenance of foreclosed properties to diminish the impact on the value of neighboring homes.
The legislation is coauthored by Assembly Speaker Karen Bass (D-Los Angeles).
"Foreclosures are afflicting thousands of Californians and their communities," Perata said. "SB 1137 gives homeowners more advanced warning a foreclosure may be coming and provides the tools they need to help avoid it."
Senator Perata´s bill has broad support and no known opposition. SB 1137 is an urgency measure that would take effect immediately when signed into law. The bill now returns to the Senate for concurrence, which is expected this week.
