New California Law AB and SB 7 - 90 day extension to the CA foreclosure process


#1

Hello,
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Just saw a posting on the new California law AB and SB7.? Link:
http://www.unitedtrustees.com/enews/435.htm
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As I read this I assume the extension in time from Notice of Default to Notice of Trustee Sale applies once the law goes into effect.
Do you think that properties that have already had Notice of Default filed and/or Notice of Trustee Sale filed will be delayed or will they go on as currently scheduled?? I am just?looking to find out if anyone has an opinion about the impact that this law will have on possible auction purchasers.
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Thanks,
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Jim


#2

Heard that this had been slipped into the budget deal - can’t believe our legislators and Governernor don’t realize that this will hurt the housing market more than help. 27% of California homeowners are now in a negative equity situation - lowering their payments and making them prisoners of debt won’t help them, it will only delay the inevtible and drag this out for years to come. Very dissapointing.
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#3

I agree.? This will only cost the banks more money.? The faster the banks can recoup whatever money they can from a foreclosure, the better.? People who have had their Notice of Default filed have already been at least 3 months late of their payments.? Giving them an extra 90 days will do little more than?stay in their homes for an extra 90 days.?


#4

Keeping markets stable is key to recovery, as investors bark at this…the market needs it for a smooth landing otherwise prices go south.?


#5

Brian you are an idiot. The money the bank lends is created when they lend it to you. Therefore they don’t loose it. ?Read the modern money mechanics put out by the federal reserve. ?Read before you comment on something way over your head