New California Law on Residential Mortgage Foreclosure

[IDIOTSGUIDE]

Senate Bill No. 1137 -CHAPTER 69 OF 2008 became law on July 8, 2008 in California. It deals with the need to reduce foreclosures of defaulting residential mortgages. I need to know if this new law also applies to manufactured and mobile homes. If so, if secured loans on a manufactured/mobile home are equivalent to residential mortgages under the meaning of this BIll - see link http://www.leginfo.ca.gov/pub/07-08/..._chaptered.pdf
Thanks

[Mr. Knowitall]

Read this analysis for issues with the lack of enforcement of that statute by California courts.

Civil Code Sec. 2920 provides this definition: "A mortgage is a contract by which specific property, including an estate for years in real property, is hypothecated for the performance of an act, without the necessity of a change of possession." I don't see why a mortgage for a manufactured home wouldn't meet that definition.

[IDIOTSGUIDE]

Thankyou for a prompt answer, Mr Knowitall. My remaining query is whether in Californian and/or federal law a secured loan is equivalent to a mortgage. I trust you will be able to clarify this point.