Recent headlines may be causing confusion about the new California Foreclosure Prevention Act as a “90-day moratorium” and not telling the complete story.
In truth, the foreclosure process for certain owner-occupied residential first trust deeds has been extended by 90 days, effective June 15, but an exemption is available for lenders with comprehensive loan modification programs.
Under pre-existing law that went into effect in February, a lender must wait three months after filing a notice of default before it can file a notice of sale. The new California Foreclosure Prevention Act extended that time frame by another 90 days but may just be delaying the inevitable.
1 response so far ↓
fr3dz // June 18, 2009 at 11:29 pm |
Oh, wow! 90-day extension is definitely great! Thanks for sharing this post. At least most of our citizens will have the proper idea about this recent CA Foreclosure Prevention Act.