California Moratorium

Effective this past Monday, June 15, a 90 day moratorium on foreclosures went into effect. While it does give jeopardized homeowners some additional hope of avoiding a foreclosure, it is not as finite a solution as the name might sound. What it does do is require lenders to make additional efforts at loan modifications before they can foreclose during the next 90 days. If, after the modifications have been attempted without success, the lenders can then proceed with the foreclosure sale. But they do have to maintain proof of their pre-foreclosure modification efforts.