Photo by Noa Schek http://farm1.staticflickr.com/65/199140927 _918b2c46f7.jpg
California’s approved Homeowner’s Bill of Rights will now give homeowners facing foreclosure more rights and protection. The protections will benefit all homeowners in California, even those whose mortgages are not with the five banks that signed the settlement.
The legislation bans dual-tracking so that banks can’t foreclose on a home while the owner is pursuing a load modification; requires one single point of contact at the mortgage provider; increases penalties for automatic approval for foreclosure without reading documents; allows homeowners to sue for significant violations.
Majority democrats sent the homeowner protection package to Gov. Jerry Brown who has indicated he will sign it. However, an argument is that by letting homeowners sue their lenders, they will delay foreclosures and increase lenders’ costs which could harm housing recovery making it more difficult to obtain mortgages.
While California, and the US in general, have been dealing with an economic slump and foreclosures, Thailand’s housing market has been relatively stable. Accordingly, Thailand real estate law has not required any special laws to protect people for over-reaching banks and financial fraud in real estate and mortgage transactions.
In Thailand the laws on the books are standard laws that relate to fraud or breach of contract. A person harmed by predatory practices can protect their rights through criminal complaints to the police or directly to the Courts. Civil claims may be filed in court or through the Consumer Protection Board.
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