Following the Federal Government's effort during the Holiday Season, California today imposed the 90 moratorium. Hopefully this will help my silicon valley short sale clients and other people in California.
The Associated Press
Posted: 06/13/2009 04:53:54 PM PDT
Updated: 06/13/2009 04:53:55 PM PDT
SACRAMENTO, Calif.—California is imposing a 90-day moratorium on housing foreclosures under a new law that takes effect Monday.
The law is expected to make lenders try harder to keep borrowers in their homes. Loan companies must prove they tried to modify the delinquent loans before they can begin foreclosing.
But supporters acknowledge the California Foreclosure Prevention Act won't stop thousands of foreclosures from eventually happening. There have been more than 365,000 foreclosures in California since early 2007, with many more already scheduled.
The bill passed in February is similar to the Obama administration's Making Home Affordable Program that began in March.
Both encourages lenders to cut interest rates or rewrite loans to affordable levels.
Steve Mun, Silicon Valley Realtor
www.stevemungroup.com
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Steve ... Thanks for this article about the new law, California Foreclosure Prevention Act, and I don't know whether that will work.
See the article about CA home foreclosure sales steadily climbing ~ http://tinyurl.com/lkr6fh ~ ForeclosureRadar.com report for May 2009.