Foreclosures Not Slowed By CA Law
California enacted a law that requires lenders to delay filing a notice of default (the first step of foreclosure) for 30 days in order to give the homeowner and lender a chance to work out other options while stopping the foreclosure clock from ticking. An article in the Press Enterprise reports that the law seems to have done very little to actually slow down the rate of foreclosure filings. The article does not elaborate but the reason, presumably, is because lenders are so overwhlemed with the amount of distressed loans on their books and homeowners - likely unaware of the new law - did not take advantage of the extra time. Homeowners often freeze up once they get into trouble and the 30 day grace period was just not enough time for many homeowners to pursue other options and be proactive. Read more about the article here: http://www.pe.com/localnews/inland/stories/PE_News_Local_S_realtytrac15.3f28d92.html Read the rest of the week’s most important real estate articles here: http://www.car.org/media/pdf/Beyondtheheadlines_012209.pdf As always, contact me with any questions or comments. Kevin P. Cummins Realtor / Broker / Attorney Coldwell Banker – Carmel Valley Cell: 858-750-9577 kcummins@coldwellbanker.com Search the MLS on my new website at kevincumminshomes.com.
