California Legislation Focusing on Loan Modification Impact

Michael Belote, Esq.

UTA’s California Lobbyist Mike Belote, informs members that “there is much talk in Sacramento about alleged ‘dual-tracking’, although opinions differ about exactly what the term means.  Some suggest that the term refers to discussions about loan modifications occurring contemporaneously with foreclosure timelines, while others believe that it refers to proceeding to foreclosure after a modification or short-sale has been approved. In any event, a potent group of legislators and statewide officials will be involved in foreclosure bills this year.” 

Belote summarizes several of those bills in his update and notes that that “members also should be aware of UTA-sponsored SB 1244 (Harman).  As introduced, the bill proposes to allow changes of location for trustee’s sales to be implemented by announcement at the originally scheduled location, when the location must be changed by action of government or other unavoidable factors.  The bill also provides a “nail and mail” option in assessment lien foreclosures when the owner of the separate interest cannot be served with reasonable diligence. 

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