Industry News
May 19, 2009
New Rules Implementing the California Foreclosure Prevention Act
Rules are being proposed to implement the new law extending the time period before the filing of a notice of sale. The new law is the California Foreclosure Prevention Act and extended the period by 90 days beyond the current three month period after filing of a notice of default. A mortgage loan servicer may obtain a temporary or final order of exemption from the additional 90-day time period if the servicer has a comprehensive loan modification program. The new rules by the Commissioners of the Department of Corporation, the Department of Financial Institutions and the Department of Real Estate set out the elements to qualify a servicer for the exemption.
