Perspective
Jun. 24, 2010
Respecting Foreclosure: Section 2923.5 Remedies Clarified
Joshua del Castillo and Kenyon Harbison of Allen Matkins discuss Section 2923.5, a statute enacted to address escalating home foreclosure rates.
On July 8, 2008, at the height of California's foreclosure crisis, Gov. Arnold Schwarzenegger signed into law SB 1137, commonly known as the Perata Mortgage Relief Act (the "PMRA"). The purpose of the PMRA was to slow or curb escalating home foreclosure rates. Some of the new regulations embodied in the PMRA were enacted as California Civil Code Section 2923.5. The enactment of Section 2923.5 ...
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