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Home News Latest Evans to hold May 16 telephonic town hall on California's foreclosure crisis

Evans to hold May 16 telephonic town hall on California's foreclosure crisis

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LAKE COUNTY, Calif. – State Senator Noreen Evans (D-Santa Rosa) and Assemblymember Mike Eng (D-Monterey Park) will host a live electronic town hall on the California foreclosure crisis on Wednesday, May 16.

The town hall will take place from 6:30 p.m. to 7:30 p.m.

Questions for the hosts can be submitted prior or during the town hall at http://sd02.senate.ca.gov/townhall .

California, as well as the nation, is in the midst of one of the worst economic crises since the Great Depression.

As unemployment rises above 11 percent within the state, more and more homeowners are having difficulty making their mortgage payments. That difficulty is compounded by certain mortgage products that, based on their design, result in a substantial increase in payment after several years.

As a result of those and other factors, many homeowners now face payments beyond the level of what they can afford.

The above issues are compounded by a significant decline in property values, which has left many California homeowners owing more on their mortgages than their homes are worth.

Regardless of the initial cause of the default on a loan, the resulting foreclosure has significant impacts upon the surrounding home values, community, and for those with a financial interest in the loan itself.

In February 2012 a historic $18 billion multistate settlement was secured for Californians by Attorney General Kamala Harris that will provide substantial relief for California homeowners.

Seeking to ensure protections for the hundreds-of thousands of Californians still in the foreclosure process, the California State Legislature's leadership convened a bipartisan conference committee to create permanent and locally enforceable actions that will protect homeowners and hold banks accountable to their California commitments.

The Legislative Conference Committee on the California Foreclosure Crisis, co-chaired by Evans and Eng will review and propose a comprehensive legislative solution, including the Homeowners Bill of Rights package, to protect homeowners in the mortgage market and help to keep credit-worthy families in their homes and revive the state's economy.

For more information call 916-651-4002.

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