I wrote an article in my blog about the new law ( http://tinyurl.com/CalifFCLaw ), where you'll find more details and even a link where you can read the actual bill that was signed into law.
Hope that helps answer your question!
- Rod Herman
There are currently 15 Active Forclosures/REO's in Alamo, Lafayette and Orinda.
Email me if you would like me to send them to you.
Coldwell Banker Coon & McCreary Realtors
1954 Contra Costa Blvd.
Pleasant Hill, CA 94523
Foreclosure Moratorium explained:
"Recent news headlines have caused confusion by mischaracterizing the new California Foreclosure Prevention Act as a â€œ90-day moratoriumâ€ and incorrectly stating that the lender must modify delinquent loans before it begins foreclosure. In reality, the foreclosure process for certain owner-occupied residential first trust deeds has been extended by 90 days, effective June 15, but an exemption is available for lenders with comprehensive loan modification programs as defined by the Act.
Under pre-existing law, a lender must wait three months after filing a notice of default before it can file a notice of sale. The new California Foreclosure Prevention Act extending that time frame by another 90 days may not have much practical impact. "
I don't believe short sales are counted as foreclosures, nor were they included in the moratorium.
The following is an excerpt on the subject from a story in the Feb. 14 Los Angeles Times
The moratorium announcements by big banks also followed pressure from Congress this week. At a meeting Wednesday of the House Financial Services Committee in which lawmakers chastised banking leaders for their role in the economic crisis, panel Chairman Rep. Barney Frank (D-Mass.) asked the CEOs to freeze foreclosures until the administration's mitigation effort was announced.
A number of the banks said Friday that they would honor Frank's request, most of them pledging to wait three weeks, until March 6, to see how the Obama plan would affect them.
In a letter to Frank, JPMorgan Chase & Co. Chief Executive Jamie Dimon said his firm was ready to work with the administration on an "appropriate process" for handling troubled borrowers, including a standardized loan modification program.
Other large mortgage customer-service firms signing on to a moratorium included Bank of America Corp., Wells Fargo & Co. and Citigroup Inc., as well as Fannie Mae and Freddie Mac, the mortgage-finance companies now controlled by the government.
The suspensions of foreclosures generally apply to single-family residences and small complexes of up to four units. Vacant homes are excluded.
The whole story can be found at http://www.latimes.com/business/la-fi-foreclose14-2009feb14,0