Monday, 07 July 2008 02:23

New Foreclosure Bill

slide24.pngLawmakers have sent Governor Arnold Schwarzenegger a bill requiring more notice from lenders seeking to foreclose on homeowners. The legislation by Senate President Pro Tem Don Perata and Assembly Speaker Karen Bass, both Democrats, passed the state Senate on Wednesday.It requires mortgage holders to provide a 30-day warning before filing a default notice, which typically precedes foreclosure. It also gives tenants at least 60 days to move out of a home that is being foreclosed.Lenders that repossess homes also must maintain the properties so they don't cause neighborhood blight.Schwarzenegger spokesman Aaron McLear says the governor expects to sign the bill.