On February 20, 2009, Governor Schwarzenegger signed ABX2 7and 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.
http://www.dre.ca.gov/ind_cfpa_exemptlist.asp
Exemptions: a list of loan servicers who are licensed by the under the CA Department of Corporations http://www.corp.ca.gov/FSD/CFP/pdf/ExemptList.pdf
Exemptions under the Department of Financial Institutions: Mortgage loan servicers who have been granted an exemption http://www.dfi.ca.gov/cfpa/default.asp
