New Virginia law hopes to ease foreclosures

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.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
This entry was posted in Uncategorized. Bookmark the permalink.

2 Responses to New Virginia law hopes to ease foreclosures

  1. Jim Rake says:

    Andrew – well, at least it’s one step in the ladder of assistance that’s needed. Now, if they could just come up with a comprehesive plan developed by all the players involved…..

  2. Tony Arko says:

    That is like putting a band-aid on a severed artery. Make a law that will actually punish the banks. Their lobbyist are laughing at the lawmakers for that joke of a fix.

Leave a Reply

Your email address will not be published. Required fields are marked *