ASSOCIATED PRESS
May 28, 2004
SACRAMENTO – California's 36,000 homeowner associations would lose one of their toughest remedies for overdue assessment payments if an Assembly bill to ban nonjudicial foreclosures becomes law.
The Assembly yesterday voted 64-6 to end what is called nonjudicial foreclosure, a practice that has cost some residents their homes for late payment of fees as small as $120. The bill by Assemblyman Darrell Steinberg, D-Sacramento, requires that judges oversee home foreclosures in the private world of homeowner associations, much as they do in traditional housing.
Now the bill goes to the Senate, which voted without opposition last week to ban both nonjudicial and judicial foreclosures for amounts under $2,500.
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