California Foreclosure Prevention Act…UNLESS you’re SPECIAL?
On February 20, 2009, Governor Schwarzenegger signed ABX2 7 and SBX2 7, which established the California Foreclosure Prevention Act.The California Foreclosure Prevention Act modifies the foreclosure process to provide additional time for borrowers to work out loan modifications while providing an exemption for mortgage loan servicers that have implemented a comprehensive loan modification program. Civil Code Section 2923.52 requires an additional 90 day period beyond the period already provided before a Notice of Sale can be given in order to allow all parties to pursue a loan modification to prevent foreclosure of loans meeting certain criteria identified in that section.
Well Isn’t THAT SPECIAL!
Top Lenders Recieve Exemption from 90 Day Extension
California’s Foreclosure Prevention Act, launched June 15th, required mortgage servicer’s to extend the foreclosure process for an additional 90 days (on top of the normal 90 day process) unless the servicer can prove to the state that they have a comprehensive loan-modification program that helps borrowers stay in their homes. Some of the States leading lenders including Well Fargo, GMAC, Bank of America, CitiMortgage and Jp Morgan Chase received immediate exemptions. State agencies currently report over 75 lending institutions have received temporary or permanent exemptions.
A mortgage loan servicer who has implemented a comprehensive loan modification program may file an application for exemption from the provisions of Civil Code Section 2923.52. Approval of this application provides the mortgage loan servicer an exemption from the additional 90-day period before filing the Notice of Sale when foreclosing on real property as designated by this Section.
In California, mortgage ‘ and lenders are regulated by one of these agencies, The Department of Fianacial Institutions, The Department of Corporations, or The Department of Real Estate. Complete lists of loan servicer’s who have granted an exemption may be found on their web sites.
Just thought you needed to know HE WHO HAS THE GOLD MAKES THE RULES!
Uppitybanker
19 Responses to “California Foreclosure Prevention Act…UNLESS you’re SPECIAL?”
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