California Governor Jerry Brown recently signed three homeowner protection laws aimed to protect against mortgage fraud and foreclosure.
The first bill allows the state attorney general's office to convene a statewide grand jury in order to investigate financial crimes involving victims spread across multiple counties. A second bill extends the period of time prosecutors have to file charges in mortgage-related crimes from one to three years.
Additional legislation requires new owners of foreclosed homes to give tenants at least 90 days before eviction proceedings can begin. The buyer is also required to honor existing fixed-term leases in most cases.
Attorney General Kamala Harris said the new bills will provide fairness and transparency that will help improve the mortgage process for California homeowners.
The Golden State has been proactive in creating laws to protect it's homeowners, as Brown signed historic foreclosure legislation in July. This law gives the state some of the strongest foreclosure protections by outlawing banks from seizing homes while owners are simultaneously negotiating lower mortgage payments.
