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Focus (Forum & Focus)

Mar. 18, 2009

Loan Stars

Thanks to a new state bill aimed at stemming the foreclosure crisis, lenders must now wait longer to record a notice of sale.

FOCUS COLUMN

By Mark S. Blackman

In July 2008, the California Legislature attempted to stem the rising tide of foreclosures by enacting Senate Bill 1137, which amended California's foreclosure statutes and required that loan servicers and lenders contact their borrowers to discuss their financial condition and the alternatives to foreclosure before they could commence a foreclosure. Since Senate Bill 1137 contained no actual requirement that a loa...

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