California is located on the western coast of the United States, stretching 770 miles from the northern boarder of Mexico to Oregon in the North. It is the most populous state with almost 40 million residents and is the third largest state in the United States. California’s largest cities include Los Angeles, San Francisco, San Diego and San Jose. Due to its large population and commercial centers, California boast’s the worlds 10th ranked economy.

June 15, 2009 Gov. Schwarzenegger Announces Implementation of California Foreclosure Prevention Act to Help Families Save Their Home

Governor Arnold Schwarzenegger announced the implementation of the California Foreclosure Prevention Act, an affordable loan modification law to help distressed California homeowners who might otherwise face foreclosure. The Act was proposed by the Governor and adopted by the legislature in the February budget package. The Act is compatible with the Obama Administration’s foreclosure relief plan and complements the federal effort.

“I proposed the California Foreclosure Prevention Act to further help families at risk of losing their homes to foreclosure,” said Governor Schwarzenegger. “Foreclosures not only devastate families, they hurt neighborhoods and depress the California economy and budget. The implementation of this Act paired with previous actions taken here in California and federally will go a long way in helping mitigate the housing crisis.”

Specifically, the Act precludes a lender or servicer from filing a notice of sale for an additional 90 days unless they have a comprehensive loan modification program in place. It is essentially trying to force the lender or servicer to implement a loan modification program that is approved by the regulators. Unfortunately, we all know that the Obama Administration and the Foreclosure Relief Plan implemented are not enforced by the government. It has been left to the lenders or servicers to implement a loan modification plan. The general public has been feeling very frustrated over the lack of enforcement or embracement of the Relief Plans suggestions.

On June 1, 2009, emergency regulations were adopted for a comprehensive loan modification program . In short, the mortgage lenders and servicers will receive a 30-day grace period from the 90-day foreclosure stay upon receipt by their regulatory agency of a substantially complete application. If the comprehensive loan modification program is approved by the applicants’ regulator, then the applicant will receive an exemption from the 90-day foreclosure stay.

Loan Modifications are still one of the best alternatives for families facing foreclosure and want to stay in their homes. It is proving to be better than forbearance or short sales. It is a way for thousands and thousands of California family’s to stay in their home. Let’s just hope that the lenders and services take the suggestions of the beloved Governor of California!

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