Here's a great post and graphic for all the Realtors in my service area or elsewhere in California.
Yesterday, June 15, 2009, was the start of a new program in California called the California Foreclosure Prevention Act. The main goal of this legislation was to encourage mortgage loan servicers to be more aggressive with their loan modification efforts to try to keep people in their homes. There is an additinoal 90 day period between the Notice of Default and the Notice of Sale in which the lender and homeowner can work out a loan modification. The law was passed in February but is just going into effect now.
There's a lot of confusion in the public about the full scope of what this law really does. I found a great article by David Gibbs, an attorney in San Clemente, California explaining this bill in detail and laying out a great timetable explaining the new process. I'm reproducing his timetable here, but encourage you to visit the original article and get all the details about this new law.
Rarely does the newspaper or the television follow up on what caused a house fire. Once the big news is over with -- big fire, property damage, personal injuries or deaths -- well, all the news that's fit to print or talk about is over with. Each day brings new doom and gloom -- no time for old doom and gloom.
Earlier this month there was a fire at a "6,791-square-foot luxury home" in Poway, about 30 miles northeast of downtown San Diego. Of course, at that time, "the cause of the fire is under investigation." Now we find out -- in a follow-up story in the paper, no less -- that the cause of the fire was an "unattended candle inside a room" (gotta love how the papers write nowadays -- I might have guessed that the "unattended candle" was out by the swimming pool if they didn't tell me it was "inside a room"). Nonetheless....
It's not too early to prepare for the National Association of Realtors 2009 Convention here in San Diego, November 13-16.
If you don't yet know it, the National Association of Realtors
