California Civil Code 2923.4 – The purpose of the act that added this section is to ensure that, as …
Current as of: 2024 | Check for updates
|
Other versions
The purpose of the act that added this section is to ensure that, as part of the nonjudicial foreclosure process, borrowers are considered for, and have a meaningful opportunity to obtain, available loss mitigation options, if any, offered by or through the borrower’s mortgage servicer, such as loan modifications or other alternatives to foreclosure. Nothing in the act that added this section, however, shall be interpreted to require a particular result of that process.
(Amended (as added by Stats. 2012, Ch. 87, Sec. 3) by Stats. 2018, Ch. 404, Sec. 2. (SB 818) Effective January 1, 2019.)
Terms Used In California Civil Code 2923.4
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.