SB 94 Calderon
This bill would prohibit persons from charging advance fees to borrowers in connection with a loan modification, and require those who wish to charge a fee for loan modification service (after performing them) to provide a specified notice to borrowers regarding other options available to the borrower. The violation of those restrictions would be a public offense and subject the violator to a fine, imprisonment, or both.
Previous SessionsSBX2 7 Corbett
This bill now enacts the California Foreclosure Prevention Act by providing a 90-day foreclosure delay on owner-occupied homes where the first loan was recorded between January 1, 2003 and January 1, 2008, unless the loan is serviced by a financial institution that has a comprehensive loan modification program, as specified. The provisions of this bill sunset on January 1, 2011.
SB 1137 Perata, Corbett, and Machado
Enacted several changes to the procedures that must be followed before the holder of a mortgage may issue a notice of default (NOD) or notice of trustee sale, require the holder of a mortgage to mail a specified notice to the tenant(s) of a property on which foreclosure proceedings have begun, and impose penalties on property owners who fail to adequately maintain foreclosed properties, as specified.