California passed a bill amending state foreclosure laws under the nonjudicial foreclosure process. Under the bill, a foreclosure sale may now be postponed if an act of force majeure prevents access to the sale location at the time of the foreclosure sale. “An act of force majeure” means an event that was unforeseeable at the time the sale was scheduled that is outside of the trustee’s control and renders completion of the sale impossible or impractical. A sale that is postponed pursuant to an act of force majeure must be postponed 7 calendar days at the same time and location. The bill also amended the applicability of the state’s “foreclosure prevention alternative” requirements by removing certain rental properties from the applicability requirements, and adding an exemption for persons or entities that make and service 7 or fewer loans for the purchase of residential property in a calendar year. The bill becomes effective January 1, 2025.
Click to view the CA SB 1146: https://www.tenaco.com/wp-content/uploads/2024/12/CA-SB-1146-09-26-24.pdf
