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Written by Jamie Simpson, LawServer Attorney-Editor
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Last Updated November 11, 2008 |
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The Los Angeles Times reports that Governor Arnold Schwarzenegger has proposed a 90-day delay of foreclosure activity for troubled homeowners. This suspension is aimed at giving more time to seek loan modifications that are comfortable for mortgage holders. The 90-day delay will begin after a homeowners has received a notice of default. Although lawmakers must still vote on the measure, Governor Schwarzenegger hopes to stop the dramatic rate of foreclosures in the state and aims to have a positive impact on California's economy.
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