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California Senate Passes Foreclosure-Relief Bill

SACRAMENTO, Calif. -- The California State Senate passed a foreclosure relief bill on April 28 (Senate Bill 1137) that backers say has the potential of preventing more than one million troubled homeowners from losing their homes.

By Staff Writer | Updated on May 01, 2008

SACRAMENTO, Calif. — The California State Senate passed a foreclosure relief bill on April 28 (Senate Bill 1137) that backers say has the potential of preventing more than one million troubled homeowners from losing their homes. The bill resulted largely from the efforts of the community group, ACORN, which sponsored a Foreclosure Solutions Forum on Dec. 3rd that drew several key legislators, including Senate President Pro Tem Don Perata, along with more than 250 community members.

Those discussions led to the introduction of SB 926, which failed in the Senate on Jan. 30, just one vote short of passing, but the bill’s sponsors keep pushing for a legislative fix, later introducing Senate Bill 1137, which passed this week. The bill requires that lenders meet with homeowners to discuss loan modifications before filing a notice of default.

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