Struggling California Homeowners may find little hope in the new laws.
Long Beach, CA (PRWEB) November 05, 2012
Struggling California homeowners are likely see little relief from the new law taking effect January 1, 2013. The bundle of laws known as the Homeowner Bill of Rights may give homeowners the right to sue when their lenders violate the AG Settlement agreement, but may find few resources available to fund any litigation and may find the courts unwelcoming to this potential influx of cases.
"California's state court system is plagued with budget cuts and bogged down with litigation cases going nowhere," says consumer protection attorney, Christine A. Wilton. She says that even though homeowners will have a right to sue, they may not be able to afford it, or wait out the lengthy litigation process through our state court system. "The Homeowner Bill of Rights does little to help struggling homeowners here in California. The U.S. has yet to see the peak of foreclosure season and many homeowners are holding on until their mortgages adjust off those teaser rates they’ve enjoyed for the last five or seven years,” says Ms. Wilton.
All the components of this law are in place and set to take effect January 1, 2013. For more information, California homeowners are urged to visit the AG Settlement website, or the California Monitor to file a complaint.