California Foreclosure Prevention Act takes effect – NMP Skip to main content

California Foreclosure Prevention Act takes effect

NationalMortgageProfessional.com
Jun 19, 2009

A California law is now in effect to give banks and homeowners more time to modify mortgages and prevent foreclosures. The California Foreclosure Prevention Act requires an additional 90-day period for certain loans to allow all parties to pursue loan modifications to prevent foreclosures. A mortgage loan servicer that has already used a comprehensive loan modification program may file an application for exemption from the additional 90-day period. Eligible borrowers are those who obtained first mortgage loans between Jan. 1, 2003, and Jan. 1, 2008, and occupy them as their principal residences. They also must not have filed for bankruptcy or contracted with businesses concerning the foreclosure.  For more information, click here.
Published
Jun 19, 2009
CRA Impact May Not Be As Profound As Feared

CFPB Director Rohit Chopra tells MBA conference changes shouldn’t be difficult

Regulation and Compliance
May 17, 2022
A UDAAP Expansion

The CFPB’s new memo about consumer complaints

Regulation and Compliance
May 17, 2022
Builders, Lenders Praise Biden Plan To Improve Housing Supply

'Housing Supply Action Plan' seeks to improve affordability by increasing housing inventory over the next five years.

Regulation and Compliance
May 17, 2022
Trigger Leads Could Be Outlawed In Mortgage Industry

N.Y. congressman says selling the information increases risk of fraud, ID theft.

Regulation and Compliance
May 17, 2022
Georgia Governor Signs New Mortgage Licensing Law

Lessens impact on hiring of out-of-state employees with criminal records

Regulation and Compliance
May 10, 2022
10,000 NAHB Members Sign Letter To Biden Seeking Housing Market Help

The letter cites rapidly rising interest rates, rising home prices and rents, and the rising cost of lumber and building materials for significantly decreasing housing affordability.

Construction
May 02, 2022