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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] California imposes 90-day foreclosure moratorium Posted by Skimmer on June 14, 2009 at 10:35 AM Anyone know the details? This will accumulate more foreclosures to release at the same time 3 months from now. http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/06/13/state/n165243D76.DTL&type=business California imposes 90-day foreclosure moratorium The Associated Press Posted: 06/13/2009 04:53:54 PM PDT Updated: 06/13/2009 04:53:55 PM PDT 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. ！！！ Information from: The Sacramento Bee, http://www.sacbee.com Follow Ups: Moratorium Law Filled With Loopholes CC in OC 4:05 PM, 06/14/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Anyone know the details? This will accumulate more foreclosures to release at the same time 3 months from now. : : http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/06/13/state/n165243D76.DTL&type=business : : California imposes 90-day foreclosure moratorium : The Associated Press : Posted: 06/13/2009 04:53:54 PM PDT : Updated: 06/13/2009 04:53:55 PM PDT : : 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. : ！！！ : Information from: The Sacramento Bee, http://www.sacbee.com [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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