After more than 365,000 California foreclosures since early 2007, the state's long-awaited 90-day foreclosure moratorium law goes into effect Today.

This does not mean foreclosures will stop.  The law goes into effect as lenders are ramping up repossessions following expiration of earlier moratoriums.

Starting today, loan servicers must prove to the state they have comprehensive loan modification programs in place – or be denied rights to foreclose on their own schedules.

In summary, here's what will happen starting June 15, 2009:

• Lenders will submit applications to the state outlining their loan modification programs. That gives them a 30-day exemption from a moratorium.

• If the state OKs a lender's program, the firm is permanently exempt from the 90-day delay on foreclosures.

• If the state rejects the program as inadequate, a lender has 30 days to upgrade it and be reconsidered.

For complete information about the Folsom, CA real estate market including a free list of homes for sale, property values and more please visit the most complete website online dedicated to everything Folsom CA Real Estate at http://www.livinginfolsomtoday.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than happy to answer them!

Call me at 916-502-4420 or email me at anaiman@connectrealty.com.