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Occupy Underground

Fire Walk With Me

(38,893 posts) Thu Feb 7, 2013, 06:19 PM Feb 2013

Lawmakers Considering New Foreclosure Bill

via Carlos, Occupy Fights Foreclosures

http://bigislandnow.com/2013/02/06/lawmakers-considering-new-foreclosure-bill/

A bill passed by a State Senate committee yesterday would require mortgage lenders to enter into mediation if requested by homeowners before filing foreclosures in state court.

Senate Bill 1370, only applies to those homeowners facing foreclosure who live in their homes and not vacation-home owners or investors.

The Honolulu Star-Advertiser reports that while the measure passed, both consumer advocates and banking industry executives disagreed about the effective use of mediation.

Lenders have largely bypassed a previous state law that gave homeowners the option of having a neutral third party help resolve mortgage delinquencies.

(More at the link.)

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