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New California Foreclosure Laws

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El Centro, CA - June 14, 2009 A new law goes into effect Monday, June 15, dealing with home foreclosures.

California is imposing a 90-day waiting period on foreclosures.  The law is expected to make lenders try harder to keep people in their homes.

Loan companies must prove they tried to modify the delinquent loans before they can begin foreclosing.

Supporters acknowledge the California Foreclosure Prevention Act won't stop thousands of foreclosures from eventually happening.

There have been more than 365,000 foreclosures in California since early 2007, with many more already scheduled.

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