A bill that would enact a foreclosure moratorium for up to 24 months, AB 1436, has been introduced in appears headed for consideration in the California Assembly.
After failing passage in June, AB 2501, appears to be dead. That bill would have imposed a blanket one-year foreclosure moratorium and required forbearances on residential mortgages based upon a self-attestation from borrowers. The bill, which also covers auto loans, and payday lenders, was opposed by a large coalition including UTA, CMA, CMBA, MBA, auto dealers, payday lenders, and realtors.
AB 1436 does not address auto loans and payday lenders, just foreclosures. Please contact your California representatives and urge opposition to this bill.
Please contact your representatives expressing opposition to the bill. Find your Assemblymember and State Senator (very easy).
At the federal level, the Federal Housing Finance Agency has extended the foreclosure and eviction moratorium for borrowers with mortgages backed by Fannie Mae and Freddie Mac until “at least” Aug. 31st. Borrowers with Fannie Mae and Freddie Mac mortgages are eligible for forbearance of up to one year if they are impacted by COVID-19, as mandated by the CARES Act passed by Congress. But, borrowers have to be current on their mortgage payments to qualify.