NewCalLaw

ON JULY 8, 2008, CALIFORNIA GOVERNOR ARNOLD SCHWARZENEGGER
SIGNED SENATE BILL 1137, ENACTING NEW PROVISIONS OF THE CALIFORNIA
CIVIL CODE AND CODE OF CIVIL PROCEDURE, AND AMENDING EXISTING
PROVISIONS,RELATED TO THE SERVICING AND FORECLOSURE OF
RESIDENTIAL REAL PROPERTY LOANS AND THE MANAGEMENT AND
EVICTIONS OF REO PROPERTIES.

BEFORE YOU CAN FORECLOSE YOU MUST COMPLY WITH THE NEW LAW!!

YOU CAN SEE THE FULL TEXT OF THE NEW LAW AT THE LINK BELOW:
NEW REQUIREMENTS SENATE BILL 1137
NEW LAW REQUIRES A NOD MUST INCLUDE A DECLARATION FOR NOTICE OF
DEFAULT THAT STATES THE BORROWER HAS BEEN CONTACTED OR DUE
DILIGENCE HAS BEEN USE TO TRY TO CONTACT THE BORROWER OR THAT
THE BORROWER HAS SURRENDER THE PROPERTY.

ALSO NEW LAW REQUIRES A DECLARATION FOR NOTICE OF SALE BE
INCLUDED AS PART OF THE NOTICE OF SALE IF A NOD WAS FILED PRIOR TO
THE EFFECTIVE DATE OF THE NEW LAW. THE DECLARATION MUST STATE
THE BORROWER EITHER WAS CONTACTED TO ASSESS THEIR FINANCIAL
SITUATION AND EXPLORE OPTIONS TO AVOID FORECLOSURE OR THAT NO
CONTACT OCCURRED; IN WHICH CASE THE EFFORTS MADE TO CONTACT
THE BORROWER MUST BE LISTED.

FOR YOUR CONVENIENCE YOU CAN DOWNLOAD DECLARATION FOR NOTICE
OF DEFAULT AND DECLARATION FOR NOTICE OF SALE IN OUR FORMS
SECTION>

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