Foreclosure Freeze In California May Increase Loan Modifications

On Monday a new foreclosure moratorium on Monday in California was implemented. The idea is to encourage banks to modify mortgages to struggling homeowners.

In my opinion this will help many of the homeowners out there as well as the local real estate market by limited the number of distressed properties on the market that have helped to drive the real estate market down.

In the article in the SFGate on Monday Assembylman Ted Lieu, D-Torrance stated, “The goal is to compel banks to do systematic loan modifications across California to reduce our foreclosure rate, which is the highest in the nation. Until we slow that down, the California economy cannot recover.”

This law is most useful as a stick to supplement the Obama administration’s carrots to get loan servicers to adopt a much more systematic framework for doing loan modifications,” said Paul Leonard, director of the California office in Oakland for the Center for Responsible Lending. “It is a useful nudge to get more servicers to sign contracts to adopt the Obama modification plan.”

To read the complete article go to:

About lcartolano

Hello! I am a Real Estate consultant working and living in the California East Bay (Oakland, Alameda, Piedmont, Berkeley area) with my husband and two young boys. I am a transplant from New Jersey and have been living on the West Coast for the last 17 years. I became a Real Estate Consultant because I enjoy working with people, and helping clients find the homes of their dreams, or reap the benefits of their investment in Bay Area real estate. It’s important to me to listen to your needs, provide the highest level of service and follow through on what needs to be done to and help you achieve your real estate goals. e-PRO Certified As more and more consumers begin their search for real estate-related information on the Internet, it is critical that real estate professionals are well educated in the use of technology to the benefit of both the consumer and the agent and/or broker. Realizing the importance of technology training, the National Association of REALTORS® (NAR) now offers its members the e-PRO certification course -- the only technology certification program offered by NAR. The program is designed to prepare real estate professionals to make the most of Internet technology and to identify, evaluate, and implement new Internet business models. The elite group of course graduates represents only one percent of all REALTORS in the country including Lisa Cartolano of Alain Pinel Realtors. QSC Certified QSC (Quality Service Certification) is a new training program for real estate professionals. It requires agents to follow specific procedures and introduces standards of practice for the benefit of the consumer. When consumers spend significant dollars for a service, they expect consistency, reliability, accountability and responsiveness from that professional service provider. Until now, the absence of service standards in the real estate industry contributed to the inconsistency of satisfaction and value experiences by the home seller and home buyer. Thus the Quality Service Certification program was created to offer greater value to the home buyer and home seller by providing consistent, reliable, accountable and responsive service for every real estate transaction. this service is provided by a Quality Service Certified real estate practitioner. Alain Pinel Realtors is proud to announce its association with Lisa Cartolano. An integral part of Alain Pinel Realtor´s dedication to excellence is the collaboration of high caliber professionals. Lisa Cartolano certainly fits that profile. Lisa brings to APR a wealth of skill, experience and professionalism, and joins a group of distinguished real estate professionals who are all part of the most sophisticated and technologically advanced marketing firm specializing in distinctive properties and estates. Alain Pinel Realtors is dedicated to excellence and our association with Lisa Cartolano is a bright example.
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1 Response to Foreclosure Freeze In California May Increase Loan Modifications

  1. We all are hoping for better home sales in June and July. Maybe the tax credit will help. I am staying positive. Our Home Inspection business is up 25%. Many of the guys that didn’t have the customer base we do have fallen off the radar.
    Now with even more inventory hitting the market in 90+ days things will start to move.

    I am going to place your link on Twitter so others can follow your blog.

    David Founder of

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