The servicing/banks/lenders are always coming up with something to not conform.  Now how many times has this been said?  Just when you think they have ran out of tricks.. they come up with something else.  This time it is called immunity!  Immunity = exempt. In this case exempt from having to wait an additional 90 days (on top of the 111 foreclosure timeline) in order to foreclose. They have found a way to go around the new California Foreclosure Prevention Act by requesting to be exempt or to get immunity from the additional 90 days that this act would allow the homeowners before foreclosing on the property. How can the banks be immune from something they had the biggest hand in starting and letting it get so out of hand.  How can this be?  Please read because it is very important and may just affect a homeowner near you --- or YOU!

While The State of California joined in on the foreclosure prevention by passing the Foreclosure Prevention Act back in Feb. 20, 2009 - the banks are filing for immunity from this act because they are a part of the Making Home Affordable program - and guess what??? They are being given the exemption. So what this means is:

The California Foreclosure Prevention Act (2/20/09) modifies the foreclosure process to provide additional time for borrowers to work out loan modifications /or refinance if they qualify, while providing an exemption for mortgage loan servicers that have implemented a comprehensive loan modification program already.   Here's where it gets sticky.  According to Civil Code Section 2923.52 which requires an additional 90 day period beyond the period already provided before a Notice of Sale (must be posted 21 days prior to Trustee Sale) can be given in order to allow all parties to pursue a loan modification to prevent foreclosure of loans meeting certain criteria under the guidelines.

So far it all sounds good - right?  But wait! The servicing/banks/lenders (see list below and more are coming on board) are filing for exemption from this act (exempt from the 90 additional days).  They do not feel they should have to wait the additional days since they are already a signed on to the Making Home Affordable program.  So if they allowed to go exempt... they can go on foreclose after they have met the 90 + 21 days foreclosure time (after Notice of Default is recorded).

There is a list of immuned servicing/banks/lenders (Bank of America Home Loans, CitiMortgage, Kondaur Capital Corp., Carrington Mortgage Service, EMC Mortgage, Select Portfolio Servicing, etc) * all are already exempt from the wait.

While it is good that servicing/banks/lenders are getting on board with the Making Home Affordable, how sure are we of what impact it be if they are immune from the California Foreclosure Prevention Act?  Will it hurt or help our homeowners?

Go to ....www.dre.ca.gov/ind_cfpa_exemptlist.asp - to see if your servicing/banks/lenders is among the ones that are immune/exempt and not waiting to go on and Foreclose on you (after the standard 90+21 days timeframe). 

Check this list and if your lender is on the APPROVED list it means you will not get the additional 90 days before your sales date or Foreclosure date.  If your lender is not on the list, you are safe at least until the list is revised *** keep checking.  Here is the link of where to check for your lender.  PLEASE NOTE:  This link is probably more reliable than anything your lender will tell you!!!!!  Web site to check for newest listings:  www.dre.ca.gov/ind_cfpa_exemptlist.asp

Check out our website and find tips for BUYERS and SELLERS - Find some valuable information on ( Short Sales, Bank Owned Properties, Latest Loan Modification programs - including Foreclosure Alternatives Program to help prevent Foreclosure). I work with my daughter (D'Adrea Davie) as the Mother and Daughter Real Estate Realty Team at Family Realty Group and we have the latest information for the Loan Modification program & FAS (Foreclosure Alternatives Program).

Our aggressive marketing plan includes on-line listing advertising.

• Mother and Daughter Realty Team Website
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If you are thinking of Avoiding Foreclosure, Short Sale or Buying a home in Northern California's Central Valley (San Joaquin, Alameda, Contra Costa and Stanislaus Counties - includes Stockton, Manteca, Tracy, Lathrop., Salida, Ripon, Modesto, Lodi, Hayward, Castro Valley, Union City, Fremont, Newark, Livermore, Pleasanton, Dublin and all surrounding cities). Call us at 866-543-0461 or email US (go to our website and email us).