California Prevention Act
The California Prevention Act that went into effect June 16th. Filings dropped by nearly 50 percent as soon as the act went into effect. The new law adds 90 days to the existing 3 months between the filing of a notice of default and a notice of trustee sale, but exempts servicers (lenders) who put in place a loan modification program. This law only applies to owner occupied mortgages made between 2003-2007.
Banks with decreasing Default filings for June:
Bank of America -48%
Litton Loan Servicing -41%
Increased filings:
CitiMortgage +69%
Downey Savings +45%.
Complete text of California Foreclosure Prevention Act
Brian Barringer
912 West 11th Street
Tracy CA 95376
Primary: 209-613-8945
Secondary: 209-833-7777
Other: 800-894-7282
Brian@Tracyhomes.com
http://www.tracyhomes.com/
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