California Foreclosure Prevention Act

On February 20, 2009, Governor Schwarzenegger signed ABX2 7 and SBX2 7, which establish the California Foreclosure Prevention Act. The California Foreclosure Prevention Act modifies the foreclosure process to provide additional time for borrowers to work out loan modifications while providing an exemption for mortgage loan servicers that have implemented a comprehensive loan modification program. Civil Code Section 2923.52 requires an additional 90 day period beyond the period already provided before a Notice of Sale can be given in order to allow all parties to pursue a loan modification to prevent foreclosure of loans meeting certain criteria identified in that section.

A mortgage loan servicer who has implemented a comprehensive loan modification program may file an application for exemption from the provisions of Civil Code Section 2923.52. Approval of this application provides the mortgage loan servicer an exemption from the additional 90-day period before filing the Notice of Sale when foreclosing on real property as designated by this Section.

Below is a list of loan servicers who are licensed by the DRE and have submitted an application for exemption from the provisions of Civil Code Section 2923.52 and have either received a Temporary Order or Final Order from the DRE granting an Exemption from filing a notice of sale for an additional 90 days.

NOTE: Click on the headings to sort by a specific column.

LICENSE NO.	SERVICER/LENDER	WEBSITE	DATE OF TEMPORARY ORDER	DATE OF FINAL ORDER OR REJECTION	STATUS
00654653	Newport Home Loan Inc	N/A	9/25/2009	10/1/2009	Final Order Granted
00657858	Clifford Douglas	N/A	6/17/2009	7/2/2009	Final Order Granted
01002882	Val-Chris Investments Inc	www.val-chris.com	6/29/2009	7/6/2009	Final Order Granted
01022780	FCI Lender Services Inc	www.trustfci.com	7/9/2009	7/15/2009	Final Order Granted
01054859	Property Assets Inc	N/A	6/17/2009	7/2/2009	Final Order Granted
01183819	New Haven Financial Inc	N/A	6/19/2009	7/14/2009	Final Order Rejected
01195968	Foreclosure Specialists Inc	N/A	8/18/2009	8/19/2009	Final Order Granted
01235918	SN Servicing Corporation	www.snsc.com	10/23/2009	11/9/2009	Final Order Granted
01420424	Franklin Credit Management Corporation	www.franklincredit.com	11/17/2009
01525608	Del Toro Loan Servicing Inc	www.deltoroloanservicing.com	6/30/2009	7/6/2009	Final Order Granted
01773687	Wealthbridge Mortgage Corp	N/A	6/19/2009	7/9/2009	Final Order Granted
01799059	Citadel Servicing Corporation	N/A	6/19/2009	7/2/2009	Final Order Granted
01836422	G8 Holdings Inc	www.g8cap.com/borrowers.htm	7/15/2009	7/16/2009	Final Order Granted
01845108	iServe Servicing Inc	www.iservecompanies.com/servicing.html	11/5/2009

Other Mortgage Loan Servicers who have been granted an exemption

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• Exemptions under the Department of Corporations



• Exemptions under the Department of Financial Institutions