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For Lenders: NEW California SB 1137

Under the new law, the initial required actions consist of:
 
1)  Contacting the borrower 30 days prior to filing a Notice of Default (“NOD”) 
a. Contact must be used to assess the borrower’s financial situation and explore various options for the borrower to avoid foreclosure. 
b. During this contact, the borrower must also be offered a subsequent meeting to discuss their financial situation to be scheduled within 14 days.  
c. Also during this contact, the borrower must be provided with information on a HUD-certified housing counseling agency.  
2) If the above contact fails, the borrower must be mailed a first-class letter including information on a HUD-certified housing counseling agency.  
a. This letter must be followed by telephone calls at least three times at different hours and on three different days to discuss with the borrower.
 
3) If above contact fails after a period of two weeks, the borrower must be mailed a certified letter, with return receipt requested, outlining a means for the borrower to contact their mortgage lender, servicer, or SAS (authorized agent). 
 
Strategic Asset Solutions has the resources to professionally handle all of the aforementioned steps. We will provide you with a summary checklist of dates, times, and procedures for each borrower file, as well as a digital and CD copy of any recorded conversations. In addition, we have secured a dedicated, toll-free number for all incoming borrower calls. 
 
 
 

As always, SAS is here to answer any questions and guide you through this new legislation. Call us at (866) 9191-SAS today. 

 

  
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