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Foreclosure Prevention Law Updates in California

Mortgage loan modification agreements have helped many homeowners salvage their homeownership with lower mortgage payments, but not everyone qualifies. Mortgage modifications and loan workouts are successfully negotiated when the borrower has a job and has the ability to afford the revised loan payment.

A new wave of loan modification legislation continues to arise from the increasing volume of home foreclosures in the Inland area and around California is moving through the bills, following major loan workout initiatives at the state and federal levels in the past year.

A 90-day foreclosure moratorium approved as part of the February budget package takes effect Monday. “It’s premature to add new legislation on top of what we have before we see what the results are,” Dustin Hobbs, of the California Mortgage Bankers Association, said. “We’re not saying more action can’t be taken down the road. But let’s see what happens first.” But supporters say much remains to be done to address the state’s foreclosure problem, and to prevent it from happening again.

Read the original article> Loan Modification & Foreclosure Law Update

Posted in FHA Mortgage News, Foreclosure Articles, Mortgage News.

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