Governor Arnold Schwarzenegger signed Assembly Bill 2016. Assembly Member Norma Torres (Dem, Pomona; she chairs the Assembly Housing Committee) authored this bill and her press release is set out below.
AB 2016 relates to the notice that can be recorded on a property in a community association that tells a foreclosure trustee that they are required to provide certain information to the association. This bill will allow California community associations to record a single "blanket" recordation for all homes or units at an association rather then the one notice per property under prior law.
The recorded notice requests a foreclosure trustee to mail a notice to the association of:
1) The name and mailing address of the successor in interest that acquired title to a property that was foreclosed on; and
2) The date the sale of the property took place.
While there is not much an association can do if a foreclosure trustee fails to comply, the hope is that when they do provide the information requested, that will make finding the new owner easier and sooner for purposes of giving them notice of the assessments and other obligations and of course will hopefully make collecting assessments easier as well. This new legislation takes effect January 1, 2011.
AB 2016 is a follow up bill to Senate Bill 1511 (Ducheny, Dem, San Diego) from 2007 that allows California community associations to find out who the new owner is sooner then was possible previously.
Below is the the press release from the author of this bill, Assembly Member Norma Torres.
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Governor Arnold Schwarzenegger signs Assembly Bill 2016 Relating To Recording Blanket Request To Foreclosure Trustees
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