Yesterday, July 2, 2008, the California State Senate overwhelmingly passed and sent to Governor Schwartzenegger a bill providing some relief for homeowners facing foreclosure and for tenants in properties already foreclosed upon. The governor has indicated that he will sign the bill, which, if signed, would take effect immediately.
It would require lenders to contact homeowners by phone or in person at least 3o days before filing a Notice of Default, and also undertake discussions wit the homeowner about alternative options on repaying the loan.For tenants of foreclosed properties, the bill would increase the time before eviction of those tenants from the present 30 days to 60 days. This would give the affected tenants a bit more time to locate new quarters before having to move.
Separately, the bill also would allow local municipalities the authority to fine owners of vacant lots that are not being maintained. This is an attempt at slowing potential blight of an area that has been foreclosed upon.
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