Comments on: Expect little change from new moratorium http://www.foreclosuretruth.com/blog/sean/expect-little-change-new-moratorium/ Tue, 27 Jul 2010 17:07:33 -0700 http://wordpress.org/?v=2.8.5 hourly 1 By: Free Loan Modification Kit http://www.foreclosuretruth.com/blog/sean/expect-little-change-new-moratorium/#comment-2374 Free Loan Modification Kit Tue, 28 Jul 2009 23:54:00 +0000 http://new.www.foreclosuretruth.com/?p=846#comment-2374 <p>In my expirence it seems that alot of homeowners facing foreclosure are non-english speaking, elderly, or fairly uneducated. I'm not trying to sound steretypical, but that is just my expreince. My clients did not know very much about the foreclosure laws that were acting against them. I feel the government should design a better program to further educate homeowners about thier new laws. It would save them alot of time from recieving requests from unqualified homeowners and take false hopes away from the millions of homeowners that do not qualify for thier "bail out plans"</p> In my expirence it seems that alot of homeowners facing foreclosure are non-english speaking, elderly, or fairly uneducated. I’m not trying to sound steretypical, but that is just my expreince. My clients did not know very much about the foreclosure laws that were acting against them. I feel the government should design a better program to further educate homeowners about thier new laws. It would save them alot of time from recieving requests from unqualified homeowners and take false hopes away from the millions of homeowners that do not qualify for thier “bail out plans”

]]> By: Larry Blachman http://www.foreclosuretruth.com/blog/sean/expect-little-change-new-moratorium/#comment-2373 Larry Blachman Sat, 11 Jul 2009 01:32:33 +0000 http://new.www.foreclosuretruth.com/?p=846#comment-2373 <p>The press has really blown this one way out of proportion.  Unfortunately, most people have been led to believe that the 90-day extension applies to all loans in California. Very far from the truth!!!</p> <p> </p> <p>The best way to try and understand the new 90-day extension is to read <strong>Section 2923.52</strong> of the California Civil Code.  It states exactly which loans are affected.  You will see that very few are.  If you read <strong>Sections 2923.53-.55 </strong>you will see, as Sean already mentioned, that if a servicer/lender has a loan modification program in place, it will be exempt.  Many of the people I've talked with say that most lenders already have a loan modification program and that the real purpose of Section 2923.52 is to force those that don't into setting one up.  By doing so, they will then be exempt from the 90-day extension. And the beat goes on......</p> The press has really blown this one way out of proportion. 
Unfortunately, most people have been led to believe that the 90-day
extension applies to all loans in California. Very far from the truth!!!

 

The best way to try and understand the new 90-day extension is to read Section 2923.52 of the California Civil Code.  It states exactly which loans are affected.  You will see that very few are.  If you read Sections 2923.53-.55 you will see, as Sean already mentioned, that if a servicer/lender has a loan modification program in place, it will be exempt.  Many of the people I’ve talked with say that most lenders already have a loan modification program and that the real purpose of Section 2923.52 is to force those that don’t into setting one up.  By doing so, they will then be exempt from the 90-day extension. And the beat goes on……

]]> By: Sean http://www.foreclosuretruth.com/blog/sean/expect-little-change-new-moratorium/#comment-2372 Sean Tue, 07 Jul 2009 02:08:00 +0000 http://new.www.foreclosuretruth.com/?p=846#comment-2372 <p>No, the original "moratorium" (using the term loosly as neither of these is technically called a moratorium), was SB 1137, here: http://www.leginfo.ca.gov/cgi-bin/postquery?bill_number=sb_1137&sess=PREV&house=B&author=perata</p> <p> </p> <p>And yes, the law above truly did go into affect... but remember it only affect those that did not apply for an exemption at this point.</p> <p> </p> <p> </p> No, the original “moratorium” (using the term loosly as neither of these is technically called a moratorium), was SB 1137, here: http://www.leginfo.ca.gov/cgi-bin/postquery?bill_number=sb_1137&sess=PREV&house=B&author=perata

 

And yes, the law above truly did go into affect… but remember it only affect those that did not apply for an exemption at this point.

 

 

]]> By: Anonymous http://www.foreclosuretruth.com/blog/sean/expect-little-change-new-moratorium/#comment-2371 Anonymous Thu, 02 Jul 2009 19:05:09 +0000 http://new.www.foreclosuretruth.com/?p=846#comment-2371 <p><strong>I have not seen anywhere other than talk and blogs that they put an additional 90 day moratorium. The law you have posted is the original moratorium and does not reference a 90 day extension. Does anyone know more if it truly was extended?</strong></p> I have not seen anywhere other than talk and blogs that they put an additional 90 day moratorium. The law you have posted is the original moratorium and does not reference a 90 day extension. Does anyone know more if it truly was extended?

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