Mortgages and deeds of trust.

(1) Existing state and federal law regulate the terms and conditions of mortgages and deeds of trust. Upon the failure to satisfy specified terms of these obligations, existing state law requires that a notice of default be sent to a mortgagor or trustor indicating the property securing the loans may be foreclosed upon and that he or she has the right to cure the default and bring the account into good standing. Existing law requires this notice to include a statement indicating the name, address, and telephone number of the beneficiary or mortgagee for the purpose of finding out the amount that is due. This bill would also permit the notice to reference the authorized agent of the beneficiary or mortgagee on the notice described above. (2) Existing law regulates the sales of property pursuant to a power of sale in a mortgage or deed of trust, including prescribing the times and locations of these sales. Existing law permits these sales to be postponed, as specified, at any time prior to the completion of the sale, for any period of time not to exceed a total of 365 days from the date set forth in the notice of sale, after which time a new notice of sale must be given, as prescribed. This bill would permit these sales to be postponed, as described above, for any period of time not to exceed one year from the date set forth in the notice of sale. (3) Existing law permits a trustee under a trust deed whose duties are exclusively related to the power of sale contained in the deed to be substituted if certain conditions are met. If the substitution occurs after a notice of default has been recorded but prior to the recording of the notice of sale, existing law requires that the beneficiary or his or her authorized agent give notice of this, as specified. This bill would condition the requirement that the notice of trustee substitution be sent on the notice of default not having been rescinded.