“We have enhanced and expanded a state program created by the
legislature that has already helped many homeowners stay in their homes
and avoid costly litigation while they
try to work out an agreement with their banks,” Gentile said.
“It will also help reduce the number of abandoned houses that can drag down the property values of neighboring homes.”
Gentile explained the legislation (House
Bill 6355) strengthens and streamlines the foreclosure mediation
process by creating rules to reduce needless delays and endless requests
for paperwork.
In
addition, all parties must mediate in good faith or face sanctions,
fines or dismissal of the foreclosure.
The bill ensures that homeowners
engaged in mediation will not
simultaneously face foreclosure-related litigation. It also streamlines the foreclosure process on abandoned houses to
let banks sell properties in an effort to reduce neighborhood blight.
This post is taken from a press release from Gentile's office.
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