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Foreclosure Fourth Procedure
Pursuant to the California Foreclosure Prevention Act (CFPA) residential loans that were recorded between January 1, 2003 and January 1, 2008 landlord and rental property owner’s lender or servicing agent cannot proceed to the Notice of Sale for at least an additional 90 days after the three month reinstatement or cure period if the lender or servicing agent does not have an approved comprehensive loan modification program. To determine if landlord and rental property owner’s lender or servicer has an approved comprehensive loan modification program, they can visit the web site of the Department of Real Estate, or Department of Corporations or the Department of Financial Institutions for a complete listing of lenders and servicers. The additional 90 day foreclosure extension afforded by the CFPA is scheduled to be repealed on January 1, 2011 unless otherwise extended by legislation.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Landlords and Rental Property Owners Guide to Fourth Procedure in Foreclosure is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
- Landlords and Rental Property Owners Guide to Third Procedure in Foreclosure When the initial three month reinstatement or cure period ends, landlord and rental property owner’s lender or its servicing agent can move forward and direct the trustee to schedule the......
- Landlords and Rental Property Owners Guide to Second Procedure in Foreclosure If the landlord and its lender or rental property owner and its lender or its servicing agent cannot agree on alternative mortgage loan terms to avoid foreclosure (a modification or......
- Landlords and Rental Property Owners Guide to First Procedure in Foreclosure The foreclosure procedure may begin when you miss a single monthly mortgage loan payment (a delinquency). In some instances, rental property owners and landlords(who failed to make a monthly mortgage......
