What is Your State Doing to Help You Keep Your Home (Part 1)

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Several states are making unprecedented changes to its law due to the increase in foreclosed homes. Please stay tune to find out how these changes in legislation will affect your ability to afford your home.

In the state of North Carolina, the state’s senate is considering a bill that will help prevent foreclosure. The bill requires mortgage servicers to pay a fee and require the servicer to notify home owners of resources that are available to assistance the home owners with keeping their homes.

In addition, the mortgage servicer will be required to notify the home owner 45 days in advance of filing a foreclosure.

The filing fees collected by the state would be used to refund non-profit organization like NACA.com for services or assistance provided to home owners who need special assistance to prevent foreclosure.

North Carolina’s proposed bill is one step that the state is taking to help home owners keep their home. It remains to be seen if this bill will have the desired impact to preventing foreclosure that the state desires.

Other states tha have bills before the state’s congress are:
1. California
2. Ohio
3. Rhode Island
4. Kentucky
5. South Dakota
6. Louisiana
7. Wyoming

Over the next series of blogs, we will review bills that states are introducing to congress in an affort to combat the increase in foreclose.

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