We attended a legal seminar held by our company this morning. Interspersed in the two hours of interesting material were some rather disappointing statistics.
The "Helping Families Act of 2009" designed to keep homeowners from foreclosure has had only one documented success so far this year. This bill unfortunately includes only 'friendly suggestions' to lenders, with no real power behind them.
The California "Foreclosure Prevention Act" that began on June 15 of this year has so many limitations that it is only legislative smoke and mirrors.
And lastly, the bill that promised short sale guidelines to simplify the process and make homes more affordable is still not completed, even though it was promised for May 15 of this year.
Pretty shameful.
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