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Friday, September 24, 2010

Calif atty general asks GMAC to cease foreclosures

The state law covers mortgages made between Jan. 1, 2003, and Dec. 31, 2007. It requires lenders to attempt to contact a borrower to determine if they're eligible for a loan modification before issuing a notice of default on the mortgage, the first step in the foreclosure process.
This law will probably raise the cost of doing business in California for mortgage companies.

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