New Mortgage Foreclosure Rules Expected to Become Law
California Governor Arnold Schwarzenegger said through a spokesman that he intends to sign into law, possibly as early as today, the first of what are likely to be many upcoming changes to California's mortgage foreclosure rules. The new law would amend procedures that must be followed before a lender can issue a notice of default or notice of trustee sale, would require special notice to tenants of a property on which foreclosure proceedings have begun, and would impose penalties on property owners who fail to adequately maintain foreclosed properties, among other changes.
The final version of the California Senate Bill SB 1137 passed the Senate on July 2 after passing the California assembly in late June.
The final version of the California Senate Bill SB 1137 passed the Senate on July 2 after passing the California assembly in late June.
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