Existing law requires that, upon a breach of the obligation of a mortgage or deed of trust, the holder of the mortgage record a notice of default in the office of the county recorder where the mortgaged property is situated and mail the notice of default to the borrower. Existing law specifies other requirements and procedures for completion of a foreclosure sale, including recording a notice of sale prior to exercising a power of sale. Existing law requires, under specified circumstances, that a summary of mortgage terms be provided to the borrower in one of five specified languages.
This legislation, with respect to residential real property containing no more than 4 dwelling units, requires the mortgage holder (or authorized agent) to provide to the borrower, attached to a copy of the recorded notice of default and notice of sale, a summary of the information required to be contained in those notices in English and five specified languages.
The legislation also requires the Department of Corporations to provide a standard translation of the statement and summaries described above for a notice of default and a notice of sale, respectively, in those languages, and to make those documents available without charge on its internet website. The bill specifies that any mortgage holder who provides the department’s translations, in the manner prescribed, shall be in compliance with that provision.
Enacted September 2012. Link to bill: http://www.leginfo.ca.gov/pub/11-12/bill/asm/ab_1551-1600/ab_1599_bill_20120925_chaptered.pdf