BEWARE: Would-be homebuyers find themselves in ownership limbo

By LESLIE BERKMAN

The Press-Enterprise

When Ryan Zimmermann last month arrived for a walk-through of the four-bedroom Corona house he had just bought at a bank auction, he got a big surprise. Someone else had moved in.Unable to close escrow on his $483,000 purchase, Zimmermann is living in a camper near his job in Anaheim. His wife and two young sons are staying with relatives in Montana while he waits for Deutsche Bank, from whom he bought the house, to prevail as the legal owner.David Dobbs, 27, refuses to leave. Neighbors said he showed up late one night a few weeks ago and unloaded his belongings from a small trailer. He filled the once empty swimming pool and spa and had cable hooked up to his wide-screen television.


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Schwarzenegger proposes 90-day freeze on pending home foreclosures

The plan is part of an economic stimulus package the governor expects to put before lawmakers to spur loan workouts.

Reporting from Sacramento -- Gov. Arnold Schwarzenegger on Wednesday proposed a 90-day freeze in pending home foreclosures to give California's financially pinched homeowners more time to get new or more affordable loans.The governor unveiled a foreclosure relief and long-term mortgage reform initiative as part of an economic stimulus package that he plans to put before lawmakers in a special session of the Legislature scheduled to begin today.

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