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New Moratorium On California Home Foreclosures

By
Real Estate Broker/Owner with Legacy real estate CA BRE#00886348

California is imposing a 90-day moratorium on housing foreclosures under a new law that takes effect Monday, June 15th.

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.

 

Brian Ripp, CRS, GRI, Broker - your Bay Area Realtor

www.BrianRipp.com serving Fremont, Newark, Union City & surrounding communities. Real Estate & Property Management.

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