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California Sunshine and a Year of FREE Living
Sunshine and a Year of FREE Living
by Bob Schwartz, San Diego real estate broker, Certified Residential Specialist
The state of California has more than doubled the normal foreclosure time by an additional 90 days for homeowners with troubled mortgages.  This is on top of the 30 day extension put in to place in 2008.  Is this the state where living is free or are these actions only prolonging the pain?
Sen. Ellen Corbett (D-San Leandro) introduced a bill as an add-on to the California “budget” package to add a 90-day moratorium on California home foreclosures.  Gov. Arnold Schwarzenegger signed into the bill on 2/20/09.  It applies to owner-occupied homes and first-mortgages made from 2003 to 2007.  See my earlier post: ‘New Law Extends California Home Foreclosures (again) ‘published on March 12, 2009.
State regulators can grant loan servicers and lenders exemptions, if they have a mortgage modification program in place that meets certain criteria. These include programs that defer a portion of the principal, lower interest rates for at least five years, or extend loan terms.
In 2008, the state of California extended the foreclosure process by approximately 30 days by adding a requirement that lenders document their efforts ... more

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