New Bill Offers More Foreclosure Notice to Wake County Home Owners
During these tough economic times, you more than likely have heard of someone or know someone personally in the Triangle area who has lost their home to foreclosure. A Wake county senator by the name of Dan Blue is doing all he can to help all home owners of North Carolina get a fair deal when it comes to facing home foreclosure.
Sen. Blue is sponsoring a bill that would change the process for home foreclosures. Current legislation requires only pre- foreclosure notices be sent to those on subprime home loans and to the North Caroloina Administrative Office of the Courts. With the new changes that have been proposed the pre -foreclosure notice would have to be sent to all home loans, not just those under a subprime, which would allow the home owner more time to seek a loan modification and less chance of losing their home.
Another new thing added to this bill is that mortgage services would have to pay a $75 fee when filing a pre-foreclousre notice. The money the state would receive from these fees will then in turn build a state Home Foreclosure Prevention Trust Fund under the Office of the North Carolina Commissioner of Banks. It is estimated that in 2010-2011 fiscal year $1.4 million will be put into the fund with it increasing to $2.29 million the year after.
This bill is still currently in the Senate and if passes will still have to pass in the House.