Is Your State Doing Its Share to Help in This Housing Crisis?
January 2, 2009 by admin
Filed under mortgages, News, real estate info
For the state of Indiana, I would have to say that is a resounding, NO.
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For the state of Illinois, I found the answer to be YES.
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I found it interesting that the housing crisis is affecting all fifty states, but until recently only fourteen states have made legislative and program changes to help homeowners in their respectively states. Â
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The states that have passed legislation to regulate the cost of acquiring a loan are:
- Washington
- Connecticut
- Kentucky
- Maine
- Maryland
- Minnesota
- New York
- Pennsylvania
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The latter states led the way for forty states to implementing a homeowner counseling campaigns. This aspect has until recently only been done by a few concerned Realtors and mortgage brokers.
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To curb foreclosures twenty one states are now intervening in the foreclosure process. With the state leading the way by not putting current paying tenants out on the street is Illinois. Illinois were followed in their efforts of intervention is:
·        California
·        Michigan
·        New Jersey
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Still other states have increase days before a default notice must be issued. Those states are:
- California
- Colorado
- Connecticut
- Maryland
- Massachusetts
- New York
- North Carolina
- Pennsylvania
- Virginia
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Some other states started their effort in helping homeowners is by creating foreclosure task forces. The state that led the way is:
- Delaware
- Florida
- Texas
Now, there are seventeen states providing a foreclosure task force.
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It is very important that the states have stepped up to help with the burden of foreclosure that is plaguing so many homeowners. Let’s keep thinking outside the box and we will all may it through this challenge in the market and economy.
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