What is California’s Survivor Bill of Rights?
When an individual who owns a home passes away and the beneficiary who remains is not on the loan, the survivor may fear foreclosure. Luckily, California passed a Survivor Bill of Rights that requires the mortgage lender to provide the surviving homeowner with information regarding ways to avoid foreclosure. However, it is important to note that the bill does not require the lender to offer a loan modification to the surviving homeowner. Another question that frequently arises is whether this law requires the deceased person and the surviving homeowner to be related. This is not the case because homeowners are allowed to leave their property to anyone they wish, whether it be a relative or simply a close friend.
Who does this impact?
Another question that frequently arises is regarding who is most heavily impacted by the Survivor Bill of Rights. Typically, elderly women are most often left without in a vulnerable situation because they live on average 7 years longer than men. If an elderly person is stuck facing a foreclosure, they may be unsure of what to do. This bill aims to mitigate some of these problems.
If you have questions about how the Survivor Bill of Rights impacts your life, contact us today.
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Contact The Law Offices of Yacoba Ann Feldman for a consultation today.