HELP! If you live in CALIFORNIA, I NEED YOUR HELP to SAVE California homeowners from having their homes sold by the BIG BANKS & creditors.
On Thursday JUNE 9, the California State Assembly will vote on Senate Bill 308. This legislation will help keep Senior Citizens, Disabled, Struggling Families, and hardworking individuals from having their homes sold by the banks and creditors to pay medical bills and other debts.
Senate Bill 308 increases the homestead exemption to protect $100,000 in equity for a single person, $150,000 for spouses or single parents and $300,000 for Senior Citizens and disabled persons.
Under present law, a creditor can force the sale of a person’s home to reach the value above the exemption amount. Worse yet, the “exempt equity” money must be used to buy a new home within 6 months or that money loses its’ protection and the creditor can take it as well.
You can guess how likely it would be that someone who just had their home sold out from under them by creditors is going to be able to get a loan to buy another home.
This is horrible for most people. It is devastating for senior citizens who spent their whole life paying off their home so they would have a place to live that was theirs in old age.
Senate Bill 308 will change that. If a creditor sells a home, at least the exempt amount is protected with no requirement that it be used to buy another home.
THIS LEGISLATION WILL LIKELY FAIL WITHOUT YOUR HELP!
I am NOT asking you for money. I am asking for something much more precious, a few minutes of your time to contact your California Assembly person and let them know that you want them to vote for Senate Bill 308.
Last fall highly paid lobbyists representing the Big Banks and financial institutions LIED to California Politicians. They claimed that Senate Bill 308 was legislation that was designed to protect the wealthy. Nothing could be further from the truth.
Assembly politicians happily stuffed their pockets with, er… “political contributions” and bought into the lobbyists story. Many of them either decided to change their vote to support the big banks and vote against this Senate Bill 308 or conveniently were not around when it came to vote.
Seeing the deck had been stacked against ordinary Californians, supporters of Senate Bill 308 held it back from the final Assembly vote. That way they could bring it back up in the California Assembly for one final vote this year. THE VOTE IS EXPECTED TO HAPPEN THIS THURSDAY.
If Senate Bill 308 fails to pass this vote, that’s it, it’s over. There may never be another chance to get legislation like this passed.
There is much more to this legislation that also helps people who do not own a home right now including increasing the protection for equity in vehicles.
Senate Bill 308 is supported by unions, consumer rights groups, women’s rights groups, minority rights groups and many more. To see groups supporting this legislation use this link:
Senate Bill 308 is in for a fight by the big banks and creditors who want it killed. It is likely that is will either pass or fail by as little as a single Assemblyperson’s vote.
This is your chance to make a real difference for ordinary people, and potentially yourself at some point, by contacting your Assemblyperson NOW. Let them know that you want them to vote for Senate Bill 308.
You can go to this link for a form email to send to your Assemblyperson.
If you can also contact your Assemblyperson directly that is even better. If you do not know who your Assemblyperson is, you can look it up at:
Please share this post with everyone you can.
Gary Ray Fraley Esq.
California State Bar Certified Bankruptcy Law Specialist
Defender of people’s rights from abuse by big banks & creditors.