Schwarzenegger Signs Foreclosure Legislation

Lenders are required to contact homeowners and explore restructuring options before initiating the foreclosure process under a new law signed by Gov. Arnold Schwarzenegger. The bill also gives tenants twice the amount of time they have now to move from a foreclosed property. In addition, the bill requires owners to maintain upkeep of foreclosed properties. Schwarzenegger stated that, without relying on government subsidies, the bill has given Californians another tool to avoid foreclosure.