New California Foreclosure Law Rejected

According to Inman News, a new foreclosure law that was being considered in California was just rejected. The law would have given more homeowners a safeguard against foreclosure. SB1275, the proposed law, would have required lenders to consider all distressed borrowers who took out a mortgage prior to January 1, 2009 for loan modifications before starting the foreclosure process. The current law is only in effect for homeowners who got their mortgages between January 1, 2003 and December 31, 2007.The federal Home Affordable Modification Program (HAMP) was one solution rolled out by the federal government to help distressed homeowners. However it is estimated that about 25% of mortgage loans do not meet the requirements for HAMP. The law that was being considered in California would have helped more homeowners potentially avoid foreclosure. If you would like information about how a short sale may be able to help you avoid foreclosure, please contact us at  shortsales@torellirealty.com.About Torelli Realty: Torelli Realty  has been servicing the Orange County real estate market for over 25 years. The company is located in Mesa Verde Costa Mesa and has 100% success with short sales. Feel free to contact Torelli Realty for a consultation and for all your Orange County real estate needs.WEBSITESHORT SALE WEBSITEORANGE COUNTY SHORT SALES INFORMATION ON FACEBOOK -  TWITTER  – FACEBOOK - COMPANY BLOG - 365 THINGS TO DO IN COSTA MESA FACEBOOK PAGECompany License #: 00878443 – Valerie Torelli License #: 00668297