California Code of Regulations
Title 10 - Investment
Chapter 6 - Real Estate Commissioner
Article 16.5 - California Foreclosure Prevention Act
Subarticle 1 - Requirements
Section 2850.3 - Availability
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) For an applicant to obtain an order of exemption from Civil Code Section 2923.52, the comprehensive loan modification program shall, at a minimum, be made available to any borrower meeting the eligibility requirements of Section 2850.2 of these rules who calls, writes, or otherwise communicates with the mortgage loan servicer to notify the servicer of a financial hardship or to explore modifications to an existing loan, and shall be made available to borrowers as part of the contact required under Civil Code Section 2923.5.
(b) Every servicer that contacts a borrower in writing under Civil Code Section 2923.5 shall notify the borrower of the availability of the servicer's comprehensive loan modification program.
(c) A servicer is not required to comply with this section if the loan is investor-owned and the pooling and servicing agreement or other contract prohibits the servicer from modifying the loan terms in the manner set forth in this article.
1. New section
filed 6-1-2009 as an emergency; operative 6-1-2009 (Register 2009, No. 23). A
Certificate of Compliance must be transmitted to OAL by 11-30-2009 or emergency
language will be repealed by operation of law on the following day.
2.
New section refiled 12-1-2009 as an emergency; operative 12-1-2009 (Register 2009,
No. 49). A Certificate of Compliance must be transmitted to OAL by 3-1-2010 or
emergency language will be repealed by operation of law on the following
day.
3. Certificate of Compliance as to 12-1-2009 order, including
amendment of subsection (c), transmitted to OAL 2-22-2010 and filed 4-6-2010
(Register 2010, No. 15).
Note: Authority cited: Section 2923.53(d), Civil Code. Reference: Sections 2923.52 and 2923.53, Civil Code.
