Short Sale, Foreclosure and Strategic Default

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Thursday, June 25, 2009

Lenders get immunity from foreclosure prevention act

7 lenders get immunity from state foreclosure prevention act - Sacramento Business, Housing Market News | Sacramento Bee
Bank of America Home Loans, CitiMortgage and Carrington Mortgage Services are among the first seven lenders and loan servicers granted immunity from the state's foreclosure prevention act launched this week in California.

The new law makes lenders prove to the state that they have a comprehensive loan-modification program that helps borrowers stay in their homes. Those that can't prove it to the state's satisfaction must wait an extra 90 days before foreclosing on borrowers.

More institutions that received quick exemptions from 90-day delays: EMC Mortgage, Select Portfolio Servicing and Kondaur Capital Corp., the state Department of Corporations reported on its Web site. The law, which took effect Monday, prompted 41 applications this week from lenders and loan servicers aiming to prove their modification programs meet the state's test. Many more are expected next week.

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