According to one survey, about 40% of Americans think that buying a new home is the most stressful event in their adult life.
Owning a home doesn’t have to be stressful. At Estavillo Law Group, we have over 50 years’ worth of experience in foreclosure and real estate law. It is our passion to help our clients navigate purchases, lease agreements, and foreclosure issues.
When it comes to staying up-to-date on homeowner law, it is important to be aware of recent changes and updates. We are here to help you understand so that you can make all the right decisions about your home.
Read on to learn of the revisions and additions to homeowner laws, including the AB-175 housing laws.
What Is Ab-175 of Housing Laws 2022?
The housing laws in 2022 have changed when it comes to AB-175. This law is all about mortgages and deeds of trust concerning the use of state property, financing programs, and surplus land disposal.
Prospective Owner-Occupant
This law expands the definition of what a prospective owner-occupant (POO) is.
A prospective owner-occupant is defined as a person who presents a trustee with an affidavit or declaration. This declaration must state that they will live on the property as their main residence within 60 days of the trustee’s deed being recorded.
The deed must also state that the POO will reside there for at least one year.
To qualify as a POO you must not be a mortgager, a trustor, or the child, spouse, or parent of the mortgager or trustor. You cannot be an employee, officer, or member of the mortgage or trustor.
You also cannot be the grantor of a living trust named in the title of the property when the notice of default is recorded. You cannot have an ownership interest in the mortgagor unless it is a publicly-traded company.
For a sale of a property to be final, a POO must make sure the conditions in code 2924h are met, submit an affidavit or declaration at the trustee’s sale or to the trustee by 5 p.m. on the next business day.
Eligible Bidders and Other Changes
This bill extends the days allowed to record a mortgage or deed of trust at a trustee’s sale from 18 to 21 days.
It also extends the time allowed to record an eligible bidder’s written notice of intent to bid on a trustee’s sale.
An eligible bidder may be a tenant-buyer. This is someone occupying the property as their main residence, occupying the property under a rental or lease agreement, and must not be the mortgagor, trustor, or the child, spouse, or parent of the mortgagor or trustor.
Learn More About Homeowner Law
Now that you know the recent changes to the 2022 homeowner law you can make choices without stress.
There is so much to learn about and understand when it comes to the different sections of homeowner law.
If you have questions or concerns about home matters in Northern California, we’re here to help. Contact Estavillo Law Group today to speak to someone about your concerns.