California Foreclosure Prevention Act takes effect
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.
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