Legislators in California are considering a bill that will make servicers jump through more hoops before they can foreclose. According to a report in The Orange County Register, the state Assembly is considering a bill passed last month by the Senate that would do two key things. On residential mortgages funded between Jan. 1, 2003, and Dec. 31, 2007, a servicer would have to try at least three times to contact a borrower in person or by telephone 30 days before sending out a notice of default. For firms with real estate owned (REO), they would be required to maintain vacant homes that come into their possession after foreclosure.
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