Legislation

Current Session

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.
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Previous Sessions

SBX2 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.
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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.
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