California Senate Bill 1137

[robin3350]

Hi - I called Quality Loan Svcs., the company handling the foreclosure for Saxon (loan is actually Deutsch Bank) Mtg. Services, and they said the foreclosure on our home is on hold due to SB 1137. Our NOD was filed on June 11, 2008. Any idea how long the hold will last? I read the bill and it appears first Saxon will have to make three efforts by phone to reach us (different days, different times), then send a letter via US first class mail, and then send a Certified letter before they are able to continue. Also noted in the bill is that they must try to modify the loan so as to prevent a foreclosure.

Anyone know any more about this bill and why it hasn't received more press?

Thanks,

Robin

[fehrll]

I'm in California, and I just googled this law. Very interesting, and I had not heard of it until you posted about it.

I wonder how many of the mortgage companies know about this law? and are they abiding by it?

I don't know why it hasn't gotten more coverage. It could keep some Californians in their homes a bit longer who are very close to foreclosure, and possibly give them 90 more days to make a last ditch effort to save their home.

Thanks for the info! If we end up not getting a mod from IndyMac and they decide to disregard this law, at least I now have a bit more fighting power!

[robin3350]

Well, our foreclosure is still "on hold" according to Quality Loan (QL). It is now November 3 and QL says we are in the "modification phase" and they don't know how long that phase will last. Makes no sense since they are the company handling the foreclosure for Saxon Mtg/Deutch Bank. Any one else hearing anything similar??