I just thought I'd share this new law regarding foreclosures that I got from an email I got from the Pacific Association of Realtors.
The Governor signed a new foreclosure reform law. The new law:
Requires lenders to contact homeowners to explore options for avoiding foreclosure at least 30 days before filing a notice of default (effective on or about September 8, 2008)
Requires owners acquiring property through foreclosure to maintain the exterior of vacant residential properties (effective July 8, 2008)
Extends from 30 to 60 days the time for residential tenants to move out of properties that have been foreclosed upon, unless other laws apply (effective July 8, 2008)
These requirements will remain in effect until January 1, 2013.
Click here for the full text of Senate Bill 1137 (Perata) , or click here for a summary from CAR Legal
PSAR will begin discussions with the city of Chula Vista since the local Abandoned Property Ordinance appears to conflict with the new state law.
