Mortgages and deeds of trust: foreclosure.

(1) Existing law requires that, upon a breach of the obligation of a mortgage or transfer of an interest in property, the mortgagee, trustee, or beneficiary record a notice of default in the office of the county recorder where the mortgaged or trust property is situated and mail the notice of default to the mortgagor or trustor. 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 5 specified languages. This bill, with respect to residential real property containing no more than 4 dwelling units, would require a mortgagee, trustee, beneficiary, or authorized agent to provide to the mortgagor or trustor attached to a copy of the recorded notice of default and a copy of the notice of sale a summary of the information required to be contained in those notices in English and 5 specified languages. The bill would also require the notice of default and notice of sale to include a statement, in English and 5 specified languages, that a summary of the key provisions of the respective notice in English and 5 specified languages is attached. The bill would provide that the attached summaries are not required to be recorded or published. Those provisions would become operative on April 1, 2013, or 90 days following the issuance of summary translations by the Department of Corporations, whichever occurs later. The bill would also require 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 Web site. The bill would specify that any mortgagee, trustee, beneficiary, or authorized agent who provides the department's translations, in the manner prescribed, shall be in compliance with that provision. (2) This bill would incorporate additional changes to Section 2924 of the Civil Code proposed by AB 278, to be operative only if AB 278 and this bill are both enacted, both bills amend Section 2924 of the Civil Code and are effective on or before January 1, 2013, and this bill is enacted last. (3) The bill would repeal duplicate provisions of law.