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New Law to Delay Foreclosures

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New Law to Delay Foreclosures - Real Estate Law - Foreclosed property - United States


Fresno - The American dream of homeownership continues to turn into a nightmare for many families.



"There are people who've given up hope, I had a client who said I'm just done know, I don't care," said Irma Machado with San Joaquin Real Estate and Financial Services.

She says many borrowers are too discouraged and too impatient to find a solution.

"We're in the process sometimes 6 months trying to get them a loan modification they just give up," said Machado.

The new California law tries to make the process easier, giving borrowers an extra 90 days to modify their loans to make their monthly payments more affordable. And it makes lenders try harder to keep borrowers in their homes.


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