90 days moratorium on foreclosures takes today

Like the Federal Government's recent effort during the Holiday Season, California today enacted the 90 day moratorium in an effort to help homeowners. Let's hope this will help out a lot of my silicon valley short sale clients and other Californians in need. California imposes 90-day foreclosure moratorium The Associated Press Posted: 06/13/2009 04:53:54 PM PDT Updated: 06/13/2009 04:53:55 PM PDT SACRAMENTO, Calif.—California is imposing a 90-day moratorium on housing foreclosures under a new law that takes effect Monday. The law is expected to make lenders try harder to keep borrowers in their homes. Loan companies 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. Both encourages lenders to cut interest rates or rewrite loans to affordable levels. Steve Mun, Silicon Valley Realtor www.stevemungroup.com