Sacramento Report
April 20, 2010
Mortgage Workout Program
A monitored mortgage workout program (MMW) would be created under AB 1588 (Bass). Borrowers could request mediation with the lender, who would then be required to participate in discussions in order to see if a home loan workout modification could be used. Any notice of default on residential real property would have to include a notice of the borrower's right to participate in the MMW Program as well as the documents authorizing the borrower to elect to participate.
