FORECLOSURE RELIEF BILL BECOMES LAW

FORECLOSURE RELIEF BILL BECOMES LAW
This week, the State Legislature enacted foreclosure reform law to address the adverse effects of high foreclosure rates in California. The new law requires lenders to contact homeowners to explore options for avoiding foreclosure at least 30 days before filing a notice of default. It also requires owners acquiring property through foreclosure to maintain the exterior of vacant residential properties. The new law also extends from 30 to 60 days the time for residential tenants to move out of properties that have been foreclosed upon, unless other laws apply. These requirements will remain in effect until January 1, 2013.

Posted by Brad Butler on 07/11/2008 10:09 PM

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newport beach real estate

Post is included in group: REO
Post is included in group: Foreclosure Talk
Post is included in group: Fixers, Flips, and Rehabs
Post is included in group: California Short Sales, REO's, and Foreclosures
Post is included in group: Short Sales Specialists

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Real Estate Agent: Brad Butler (Re/Max Homes & Estates)

Brad Butler
Newport Beach, CA
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Re/Max Homes & Estates

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