Governor Newsom signed AB 2424, effective January 1, 2025, which introduces new foreclosure notification and sale requirements for mortgage lenders. Lenders must inform defaulting borrowers about third-party assistance options and provide disclosures before signing mortgages. Foreclosure sales are postponed for 45 days if the property is listed for sale, with further delays if a purchase agreement is received. The law mandates fair market value disclosures and sets a minimum sale price at 67% of that value.
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