No “foreclosure freeze” will stop people from losing houses in California. Many people purchased houses at crazy and unsustainable prices, and the foreclosure process is already long in California. It takes at least 6 months for a house to get sold under foreclosure by law, because there is 3 months to file a NOD and 3 more months to sale at auction. Note the at least part, because most NODs are filed much later than after 3 months. People that are 6 to 12 months behind on their mortgage will simply not pay up.

In Georgia where a house can and sometimes is auctioned after a payment is only 30 days late a foreclosure freeze will make a difference, but in California a “foreclosure freeze” is just giving free rent to the financially changed.

The loan workouts are great proof of this. These are loans where the borrower has worked out better terms and a lower payment, but 50% fall behind in less than a year.