Legislature Passes 90-Day Foreclosure Moratorium

The California Legislature, as part of the recently-passed budget package, approved SB2X-7/AB2X-7, which provide for a 90-day foreclosure moratorium. The bills do, however, allow servicers to be exempt from the moratorium if they have an approved loan modification program in place. Details and requirements for such approved programs have not been issued yet. The bills cover specified loans recorded between Jan. 1, 2003 and Jan. 1, 2008.