Jul 03, 2008
New Virginia law hopes to ease foreclosures
03 Jul 2008
Posted by Andrew Kantor
In case you hadn’t heard, a law that took effect in Virginia on July 1 requires that lenders and mortgage-service companies “send delinquent borrowers with high-interest loans the names of housing counselors who can provide foreclosure-prevention guidance,” to quote from PilotOnline.
The new law requires that lenders and companies that collect mortgage payments make available a 30-day grace period to borrowers who ask for help.
By slowing down the foreclosure process, the new regulations could buy time for homeowners seeking to work out arrangements with their lenders.