90 Day Extension to Foreclosure!
Thursday, June 18, 2009
California has enacted another new law which extends the foreclosure process by at least 90 days. The purpose of the extension is encourage lenders to work with the homeowner regarding a loan modification and keep more families in their home. Of course, new laws like this one have good intentions, but complicating the powers of sale in a deed of trust, could have a very serious negative impact on the real estate market.
In my opinion, we don’t need new laws and more delays in the foreclosure process. We need to encourage lending and real estate investing. We need to allow the normal market process to take place. There will be new buyers for the foreclosures properties and they will need loans!
