Understanding California AB 2424

Assembly Bill 2424 is a new law aimed at enhancing protections for California homeowners at risk of foreclosure. AB 2424 requires lenders and mortgage servicers to provide more transparency during the foreclosure process and ensure borrowers are made fully aware of their rights and potential options.

Key provisions include:

• Stronger requirements for documenting loan modifications and workout options.
• Mandated communication timelines to prevent unnecessary delays or miscommunications between servicers and borrowers.
• Protections for homeowners who are actively working with a housing counselor or submitting loss mitigation applications.

This law represents an important step toward fairer practices and more time for homeowners to explore their options before foreclosure. If you're affected or unsure how AB 2424 impacts your situation, we’re here to help interpret the law and guide you through your next steps.