Foreclosures are declining in number, but they’re still occurring at above-normal rates. Whether you’re new to foreclosure practice or have been in it for years, these tips will help you meet the challenges of newly adopted and heavily revised statutes and regulations governing mortgage foreclosure in California.
The much heralded California Homeowner Bill of Rights went into effect on January 1, 2013. It expands urgency legislation, enacted four years ago, that amended the trustee sale foreclosure processes to reduce foreclosures and increase workouts, loan modifications, and short sales. See Stats 2012, chs 86–87 (AB 278 and SB 900). It’s well intended, but is it actually going to reduce the foreclosure rate in the long run?