Legal Alert: California Enacts Statute that Places Significant Burdens on Parties Seeking to Foreclose on Owner-Occupied, Residential Real Property

On September 6, 2008, section 2923.5 of the California Civil Code became effective. This statute was enacted to provide foreclosure relief to California homeowners and requires a party seeking to foreclose on owner-occupied, residential real property to contact the borrower "in order to assess the borrower's financial situation and explore options for the borrower to avoid foreclosure." Section 2923.5 affects any entity seeking to foreclose on owner-occupied, residential real property in connection with loans made from January 1, 2003 through December 31, 2007, inclusive.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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