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The Democrats? proposal is longer than the 90-day moratorium that California Governor Arnold Schwarzenegger is proposing. Both proposals will be tackled during a special session called by Schwarzenegger to discuss California?s budget shortfall which increased to $11 billion due to declining revenues amid the housing and financial crisis.

California is one of the states hardest hit by foreclosures resulting from risky mortgages, including subprime loans availed during the peak of the housing market.

The state legislature has approved a bill that requires lenders to start initiating foreclosure proceedings 30 days after they have informed a borrower.

Karen Bass, California Assembly Speaker, explained that during the 120-day moratorium period, affected borrowers would be compelled to pay affordable loans. She believes that tougher times call for 120-day foreclosure moratorium instead of the 90-day proposed by Schwarzenegger in order to rework loans and address foreclosure problems.

Meanwhile, lenders can avoid imposing Schwarzenegger?s 90-day foreclosure moratorium proposal if they can show that they have a loan modification program in place.

Schwarzenegger wants California lawmakers to allow the state to implement federal laws and policies to regulate real estate licensees. He also wants to change lending practices to protect borrowers, including expansion of fiduciary duties covering mortgage brokers to allow them to modify a loan to suit a borrower?s conditions.

Furthermore, he wants to penalize lenders who issue false and misleading statements and to increase and standardize loan originators? licensing requirements.

The plan by state Democrats coincides with mortgage finance companies, Freddie Mac and Fannie Mae?s launching of a program to reduce monthly mortgage payments for homeowners having difficulty meeting their financial obligations.

Borrowers who are eligible for the program are those who are a distressed house in foreclosure. A borrower who spends over 38 percent of his income on paying his mortgage is also eligible for reduced monthly payments.

The period of April through June for this year has so far recorded 121,341 notices send out to California homeowners for having defaulted on their payments so far. This indicates a rise of 6.6% from around 114,000 distressed properties in various stages of foreclosures for Q1 of this year and a sad but stupendous rise of 124.9% from 53,943 defaulters from Q2 of 2007 as per various reliable sources. California foreclosure listings are now brimming with various kinds of residential properties at discounted rates in counties such as San Francisco, Marin, San Mateo as well as in Merced, San Joaquin and Stanislaus, and Los Angeles.

According to the statistics posted by DataQuick, the number of notices of default for Q2 of this year has been the highest since 1992!

Moreover, a very large number of California homeowners are increasingly facing the wrath of lenders who have already started foreclosure proceedings against them. The rapidly growing number of foreclosure auctions has led to an extensive inventory of foreclosure listings in California.

Furthermore, the increasing number of foreclosures making their way into California foreclosure listings can be attributed to most of the home loans that defaulted in the last quarter and were taken from September 2005 through November 2006.

Due to a slowing economy and a slack real estate market, the number of California homeowners losing their homes to foreclosure has skyrocketed and added value to the already long inventory of foreclosure listings in California. After all, if the number of homeowners defaulting on their loan continues to increase like this, chances are that you’ll be able to buy the house that you have always wanted, thanks to California foreclosure listings, which allows you to work with online foreclosure brokers from the comfort of your home.