From the San Francisco Chronicle:
The California Foreclosure Prevention Act, signed by Gov. Schwarzenegger in February, adds 90 days onto the time period between when homeowners default on a loan and when their home can be repossessed in foreclosure. Banks can avoid the 90-day holdup by having a comprehensive program in place to make mortgages more affordable by reducing the interest rate, extending the loan term, or reducing or deferring some of the principal. Such programs must be approved by regulators.
Full article here:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/06/15/BUIH187NE7.DTL
PLEASE NOTE: 11 banks/servicers have already applied for an exemption to this rule, so don't count on the 90 days- get in touch with your bank/servicer NOW!
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