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*Membership maintained through allied companies Routh Crabtree Olsen, P.S., Routh
Crabtree, apc or FEI, LLC
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Press Release
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Contact:
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Tor Hagen
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Phone:
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425.586.1900
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Fax:
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425.586.1997
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E-mail:
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info@northwesttrustee.com
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Jul 09, 2008
Northwest Trustee Services, Inc. Announces New Legislation Regarding Foreclosure Reform in California
Contact: Tor Hagen
Phone: 425.586.1900
Fax: 425.586.1997
E-mail: info@northwesttrustee.com
Northwest Trustee Services, Inc. Announces New
Legislation Regarding Foreclosure Reform in California
**FOR IMMEDIATE RELEASE**
SANTA ANA, Calif., July 9, 2008 — Northwest Trustee Services, Inc., a full-service trustee company providing real estate trustee services to mortgage lenders in the Western United States, has announced a new change in California foreclosure law.
Effective immediately, the California Legislature passed an amendment to Senate Bill No. 1137 (SB 1137). It mandates that upon the breach of obligation for any residential mortgage loan (or transfer in an interest of property) in California:
1. Require a Mortgagee, Beneficiary or authorized agent to wait 30 days after contact is made with the borrower, or 30 days after satisfying due diligence requirements before filing a Notice of Default. The Bill requires that a specified Declaration from the mortgagee, beneficiary or authorized agent regarding its contact with the borrower or that the borrower has surrendered the property. If a Notice of Default has already been recorded, the specified Declaration must be filed with the Notice of Sale.
2. The bill will authorize a governmental entity to impose civil fines and penalties for failure to maintain that vacant residential property of up to $1,000 per day for a violation. Notice of the claimed violation and an opportunity to correct the violation at least 14 days prior to imposing the files and penalties and to allow a hearing for contesting those fines and penalties.
3. The bill gives a tenant or subtenant possession of a rental housing unit at the time the property is sold in foreclosure, 60 days to vacate.
Please note key specifics to the bill that relate to the following:
A.) “Due diligence” requirements to access the borrowers financial situation and explore options for the borrower to avoid foreclosure.
B.) Language that the Mortgagee/Beneficiary must include in the Declaration that is recorded with the Notice of Default or Notice of Sale.
C.) Link to the Mortgagee/Beneficiary or authorized agent’s Web site, if any, must be posted.
D.) Trustee or authorized agent must send specific notification to the “Resident of property subject to foreclosure sale.”
The new legislation gives homeowners more advanced warning a foreclosure may be coming and provides the tools they need to help avoid it. SB 1137 is an urgency measure that is effective immediately until January 1, 2013 and ONLY applies to loans that were made from January 1, 2003 – December 31, 2007 and must be owner occupied.
Our California office can represent you in compliance with the new legislation. If you need assistance with any of your California files or issues, please let us know. Our Santa Ana office can represent you in compliance with the new legislation.
If you wish to review the bill or need further information please call Cathe Cole at Northwest Trustee Services, Inc./Routh Crabtree Olsen, P.S. at (866) 387-6987.
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About Northwest Trustee Services, Inc.
Northwest Trustee Services, Inc. is a full-service trustee company providing real property trustee services to mortgage lenders throughout the Western United States.
The company represents most of the major mortgage banks doing business in Washington, Oregon, Idaho, California, Alaska, Arizona, Hawaii, Nevada and Montana. Headquartered in Bellevue, Washington, the company has offices throughout the West.
Serving the legal, trustee and ancillary business needs of mortgage banks, Northwest Trustee Services, Inc. and its sister companies assist core customers in reaching professional goals and financial objectives.
Among the other services it offers, Northwest Trustee Services, Inc. is the leading provider of foreclosure services in the Western United States. Through its affiliated companies, the company offers a complete suite of services including foreclosure trustee, title insurance, posting and publications and legal services. Its affiliated national Web site, USA-Foreclosure.com, is a leading provider of online foreclosure information.
For more information, visit www.northwesttrustee.com or USA-Foreclosure.com.
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