If you live in California, then there is an important news that may affect you: the state is going to impose the new 90-day foreclosure moratorium starting this Monday, June 15. Here is what Sacramento Bee says about the California foreclosure moratorium:
After a severe economic storm of more than 365,000 California foreclosures since early 2007, the state’s long-awaited 90-day foreclosure moratorium law goes into effect Monday.
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Backers say it will make lenders try harder to keep borrowers in homes. Starting Monday, loan servicers must prove to the state they have comprehensive loan modification programs in place – or be denied rights to foreclose on their own schedules.