Struggling with Foreclosure? California’s New Law Offers Real Solutions

by Betty Ortiz

If you're facing foreclosure, it may feel like you're running out of time and options—but California’s Assembly Bill 2424 (AB 2424) is designed to give you hope. This new law introduces critical changes that provide homeowners like you with more control, more time, and more support. Here’s how AB 2424 could help you navigate this difficult situation and protect your financial future.

How AB 2424 Can Help You:

Extra Support from Trusted Sources: One of the most important provisions of AB 2424 is that it allows a third party, such as a family member, HUD-certified housing counselor, or attorney, to receive notices on your behalf. This ensures that you have someone knowledgeable guiding you through the foreclosure process.
Delay in Foreclosure Sale: If you decide to list your home for sale in the market (through a Multiple Listing Service or MLS), AB 2424 prohibits a foreclosure sale for 60 days after the notice of sale is recorded. This can buy you valuable time to complete the sale and retain as much equity as possible.
Protecting Your Home’s Value: The new law requires that your home cannot be sold for less than 75% of its fair market value at the initial auction. This safeguards your home from being undervalued in a quick sale and allows you more time to find a buyer willing to pay a fair price.

Why These Changes Matter

For homeowners who are at risk of foreclosure, AB 2424 provides both time and options. Selling your home may allow you to avoid foreclosure altogether, preserving your credit and equity. Even if selling is not the right solution for you, having a third party involved can provide much-needed clarity and support as you work through your options.

What You Can Do Next

If you're facing foreclosure, don’t wait until it's too late. California’s new foreclosure laws give you more time, but it's crucial to act quickly. Contact a professional specializing in foreclosure assistance, who can guide you through your options and help you make the best decision for your circumstances..

Take the first step toward a solution today. Call 818-270-7090 for a free, no-obligation consultation. Together, we can find the best way to protect your home and secure your future.

Betty Ortiz I Realtor, SRES, ABR, Relocation

Direct (818)270.7090

HomeSmart Evergreen Realty - 18860 Nordhoff St, Northridge, CA 91324