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Jul 2, 2008 4:44 pm US/Pacific

CA Lenders May Give Earlier Notice Of Foreclosure

SACRAMENTO (AP) ― Lawmakers have sent Gov. Arnold Schwarzenegger a bill requiring more notice from lenders seeking to foreclose on homeowners.

The legislation by Senate President Pro Tem Don Perata and Assembly Speaker Karen Bass, both Democrats, passed the state Senate on Wednesday.

It requires mortgage holders to provide a 30-day warning before filing a default notice, which typically precedes foreclosure. It also gives tenants at least 60 days to move out of a home that is being foreclosed.

Lenders that repossess homes also must maintain the properties so they don't cause neighborhood blight.

Schwarzenegger says he supports the bill but has not committed to signing it.


(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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