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Loan Modifications in California Made Easier by
Change in Law
By Demetria Graves Before this change, lenders could file a
Notice of Default, wait 90 days after the Notice of Default and then issue a
notice of trustee sale and 21 days later the house could be sold at a
foreclosure auction/sale. Now, after the 90 days Notice of Default is
up, the lender must give an additional 90 days Notice of Trustee Sale before
the sale can be completed. This gives you the extra time you need to take
control of finances. If you have fallen behind in your payments,
or have had a change in your income level or a family health emergency that
has impacted your ability to make your payments, then you might qualify for
a loan modification that could materially reduce your principle and your
monthly payments. The New California Time Line is As Follows: 1. First the Homeowner will receive a 30 Day
Written Notice BEFORE the Notice of Default is filed Because many of you are attempting to modify
your current loans and save your property, it is crucial that you are aware
of the new updates and the new change to the law. Because of the length of
time in question, the lenders are more likely to WANT to negotiate...Hang in
there!
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