California puts 90-day hold on foreclosures

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California puts 90-day hold on foreclosures

June 16, 2009

MORTGAGES

State halts foreclosures for 90 days.

California is imposing a 90-day moratorium on housing foreclosures under a new law that took effect Monday.

The law is expected to make lenders try harder to keep borrowers in their homes. Lenders must prove they tried to modify the delinquent loans before they can begin foreclosing.

But supporters acknowledge the California Foreclosure Prevention Act won't stop thousands of foreclosures from eventually happening. There have been more than 365,000 foreclosures in California since early 2007, with many more already scheduled.

The bill passed in February is similar to the Obama administration's Making Home Affordable program that began in March.

from LA Times (http://www.latimes.com/business/la-fi-briefs16-2009jun16,0,7080086.story)

I got my Notice of Default on Feb 11. Filed for BK on April 29th. Lender got a lift of Automatic Stay on May 25th. Heard nothing from them since then. I have already exceeded the 90 day post NOD timeline. My BK gets discharged Aug 3.

I wonder if this moratorium helps me stay in the house even longer. I am surrendering my Sacramento house in a Ch 7 no-asset case but want to live here as long as I can while saving some cash for the eventual sale and move.

I read another article that you get the 3 months from the NOD PLUS 90 days (per the CA moratorium) before the notice of auction. However, IF your lender files with some commissioner to be exempt from it, and can prove it has a mod program in place that offers certain modifications they can be approved and be exempt from it, and can proceed with foreclosures.

I just can't find anywhere to find out if a lender has been approved as being exempted....other than calling them, however i highly doubt anyone that just answers the phone would know.

Wow...I'm on my 10th month without making a payment and still haven't received a NOD. Still get a mortgage statement in the mail though.

I am so frustrated! We surrendered our home in the BK (no asset ch 7) which was discharged Sept. 2008. On attorney's advise we promptly moved out. FINALLY an auction was sched for May 20th '09. Then was postponed to June 19th. I called to check to day and it was postponed AGAIN to Aug. 7th!! I want the dang thing auctioned off so my 3 year wait for FHA can start ticking. PLUS...my HOA is still on me for dues and yard maintainence because the "Deed is still in my name". This...even though it was discharged and I am not financially obligated to it sionce Sept...last year. I havent lived there in a year. I have already paid $600 to settle with the HOA...

Anyway...I attempted a loan mod in March and never heard a thing (have a
2nd and didn't think I could get it worked out anyway)...I suppose that is why it keeps getting postponed? I will find out tommorrow. I am in AZ.

Wow...I'm on my 10th month without making a payment and still haven't received a NOD. Still get a mortgage statement in the mail though.

We are now at month 16 without making a mortgage payment and no NOD has been filed. Still in our house and just banking the savings.

I wish. I am in San Diego and got my NOD after 4 months. Hopefully this pushes the auction date back as I would like to stay in my home until November and received the NOF April 30

I wish. I am in San Diego and got my NOD after 4 months. Hopefully this pushes the auction date back as I would like to stay in my home until November and received the NOD April 30

Also got my NOD after four months of non payment. Since I've exceeded the original 90 days, I keep checking the county recorders website and my mail awaiting an auction date. Hope this pushes me to Oct/Nov '09 and beyond. I stopped paying my HOA with the hope that a HOA lien will further extend my rent free stay in the house. I will pay it off later if I must.

And not to burst anyone's bubble, but I also read that BK filers are exempt from the addt'l 90 days :dry:

And not to burst anyone's bubble, but I also read that BK filers are exempt from the addt'l 90 days :dry:

Looks like you are right about BK filers being exempt :( I read it here (http://blogs.findlaw.com/law_and_life/2009/06/california-foreclosure-moratorium-goes-into-effect-which-mortgages-are-covered.html). I'd hoped it will buy me 90 more days. Guess I'll just await the Notice of Sale recording. I hope my lender is awaiting my BK discharge to proceed with the foreclosure.

Dog
Who's your lender? Once you discharge and close the moratorium would apply if your lender isn't exempt