Posted by: Catherine | June 14, 2009

New California Foreclosure Moratorium goes into effect June 15, 2009


For homeowners facing foreclosure in Contra Costa County, Alameda County and across California, may get a little relief – again.    From the Associated Press:

California imposes 90-day foreclosure moratorium
The Associated Press
 
SACRAMENTO, Calif.—California is imposing a 90-day moratorium on housing foreclosures under a new law that takes effect Monday.
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, with many more already scheduled.
The bill passed in February is similar to the Obama administration’s Making Home Affordable Program that began in March.
Both encourages lenders to cut interest rates or rewrite loans to affordable levels.”

See More at the SacBee article:  New Foreclosure Rules to Start Monday

You’ll see that this new law and “attempt” to help ailing homeowners leaves a lot of holes, and many lenders may find themselves exempt from complying.  Remember, seek the services of a non-profit homeowner advocacy group to get help.  For example:

www.naca.com

www.dontborrowtrouble.com

www.acornhousing.org

www.makinghomeaffordable.gov

 

As a last resort, for short sale help in Contra Costa and Alameda County, contact Catherine Myers, Alain Pinel Realtors in Walnut Creek.  925-683-2125.  Serving Concord, Clayton, Walnut Creek, Pleasant Hill, Martinez, Danville, Alamo, San Ramon, Dublin, Livermore, Pleasanton, Lafayette, Orinda, Moraga, Clyde, Pittsburg, Bay Point and other areas in the San Ramon and Diablo Valley.


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