Banking & Financial Institutions: 4-3-0
authors: Leno, Galgiani
After the passing of a family member, widows, widowers, and other heirs who fall behind on mortgage payments struggle to keep their homes. Mortgage servicers often refuse to work with them if they are not listed on the loan, which can lead to foreclosures for many families. SB1150 gives family members the same protections as their recently deceased loved ones — the right to modify loan payments, stop unlawful foreclosures, and sue for any violations. All told, SB1150 has given these families a fair chance to stay in their homes.