Daily Real Estate News | April 4, 2008
States are responding aggressively and ahead of the federal government in helping home owners avoid foreclosure.
Here's what some states have been doing:
Ohio has contracted with more than 1,000 attorneys to work with borrowers free of charge to block foreclosures.
Illinois is considering a bill that would impose a 60-day moratorium on some foreclosures.
Maryland has enacted emergency legislation to give borrowers at least 150 days to cure defaults, effectively creating a short-term moratorium on foreclosures.
Minnesota is considering requiring lenders to honor a borrower’s request for a 12-month deferment.
Beginning May 1, borrowers in Massachusetts will have 90 days to cure any defaults before their mortgage company can foreclose.
The Mortgage Bankers Association opposes foreclosure moratoriums.
Source: The Wall Street Journal, Ruth Simon and Amy Merrick (04/04/08)
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