Posted on: 26th Oct, 2008 08:56 am
can loan modifications be performed according to this civil code.
A new law enacted on July 8, 2008, now requires Lenders of residential loans in the State of California to accept loan modifications in most foreclosure situations. California Civil Code 2923.6 went into effect on July, 2008, and applies to all residential loans made from January 1, 2003, to December 31, 2007, inclusive, that are secured by residential real property and are for owner-occupied residences.
If you fit into this category, then I would pursue it with your lender.
If you fit into this category, then I would pursue it with your lender.
Hi,
To barryhill:
I think bearboysj is correct. In California, the California Civil Code has come into affect and wherein loan modifications can be done if a real estate property faces foreclosure situations. You can contact your lender and check with him.
To bearboysj:
That was really an informative answer. It will be great if you can regularly answer some of the forum posts as the community members and participants will be able to know more from your experience and knowledge. Hope to hear more from you...cheers!
Sussane
To barryhill:
I think bearboysj is correct. In California, the California Civil Code has come into affect and wherein loan modifications can be done if a real estate property faces foreclosure situations. You can contact your lender and check with him.
To bearboysj:
That was really an informative answer. It will be great if you can regularly answer some of the forum posts as the community members and participants will be able to know more from your experience and knowledge. Hope to hear more from you...cheers!
Sussane