Archive for July 8th, 2008

“Under the law, mortgage holders will be required in 60 days to begin contacting homeowners at least 30 days before issuing a notice of default.”

“In addition, the law immediately allows tenants more time to move out of foreclosed dwellings and immediately authorizes local governments to impose fines as high as $1,000 on lenders who do not maintain foreclosed properties.”

I highly doubt this Bill will help much. The truth is that the Bill just makes lenders contact you sooner rather than at the normal time frame they use. Some lenders take longer than 30 days, some take 60 days and some have yet to even contact anyone.

Governor signs law to help homeowners keep their properties[SFGate]