Recent headlines may be causing confusion about the new California Foreclosure Prevention Act as a “90-day moratorium” and not telling the complete story.
In truty, the foreclosure process for certain owner-occupied residential first trust deeds has been extended by 90 days, effective June 15, but an exemption is available for lenders with comprehensive loan modification programs.
Under pre-existing law that went into effect in February, a lender must wait three months after filing a notice of default before it can file a notice of sale. The new California Foreclosure Prevention Act extended that time frame by another 90 days but may just be delaying the inevitable.
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