Foreclosure moratorium to start Monday

June 12, 2009 4:11:16 PM PDT
Some California homeowners can breathe a sigh of relief because a 90-day moratorium on many foreclosures begins on Monday.

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The law aims to allow homeowners more time to get a loan modification or sell their home.

But critics point out the moratorium has several loopholes.

It only applies to first mortgages that were recorded between January 1st, 2003 and January 1st, 2008. Lenders are exempt from the moratorium if they already have a loan modification program in place.

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