Some California Homeowners May Be Helped

By
Real Estate Broker/Owner with Real Living GreatWest

 

 


On Monday, June 15th, the State of California began a ninety-day moratorium on home foreclosures.  Banks must prove they have tried to help troubled homeowners modify loans before they can foreclose.

The new law is titled, "The California Foreclosure Prevention Act."  It is estimated there have been 365,000 foreclosures in California since 2007.

While some homeowners may be helped by this act, and hope given for modification of their mortgages with such assistance as reduced interest rates, some real estate experts believe this act only works to delay the inevitable.

For homebuyers, this development will further shrink the supply of bank owned properties, leaving "short-sales" as a primary source for home buying inventory.

Click Here for a KCRA Channel 3 video report.



Written for GreatWest GMAC
by: Myrl Jeffcoat

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Rainer
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Katiejo Franks
Real Estate and Beyond, LLC - Scottsdale, AZ

I enjoyed reading the information this morning. I wish you success today

Jun 17, 2009 01:34 AM #1
Rainer
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Sara Goss
HatmakerGroup.com GMAC Real Estate - League City, TX
Realtor - Houston Bay Area, Texas

Interesting news . . . curious to hear about the results of this moratorium. Cali is near and dear.

Jun 17, 2009 01:38 AM #2
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