b"Senate Bill 1447 Seeks to Expand California's HOBR to Include Non-Owner Occupied Rental PropertiesbyT. Robert Finlay, Esq.Wright, Finlay & Zak, LLPn2013,CaliforniasLegislatureenacted groundbreakingsupportforborrowers onowner-occupiedpropertieswhocould notaffordtheirmortgagepayments.The Homeowner Bill of Rights or HOBR, as it became known, included several borrower protections that have become commonplace throughout the mortgage industry.HOBRs key protections include: (1) a requirement that, prior to recording a Notice of Default, the loan servicer attempt to contact the borrower to discussand their attorneys, HOBR has primarily foreclosure prevention alternatives, suchaccomplished its goal of connecting as a loan modification; and (2) bannedborrowers and their loan servicers to the practice of dual tracking after adiscuss options to avoid foreclosure.complete loan modification application is received, i.e., the loan servicer must putSenate Bill 1447 hopes to extend HOBRs the foreclosure on hold while reviewingprotections to owners of one- to four-unit that application.Legislators intentionallyresidential properties, where the tenants limited HOBRs application to owner- have been unable to pay rent as a result of occupied properties, excluding secondCOVID-19. If passed, loan servicers will have homes, commercial units and rental properties.Despite abuses by borrowerscontinued on page 8Points of InterestSummer 2020Page 7"