The Dallas Business Journal is reporting that the Texas Attorney General is proposing sweeping changes to the state's foreclosure law. Greg Abbott asked state legislators to enact the Texas Foreclosure Deferment Act. The act requires mortgage loan servicers (those are the companies that act on behalf of lenders to collect payments, issue demands, and institute litigation, if necessary) to provide homeowners with 45 days to cure loan defaults before a foreclosure sale can be noticed. This extends the current cure period (20 days) by an additional 45 days.
Lenders must also attempt to contact the borrower by telephone or in person before filing for foreclosure. Homeowners, once foreclosed, will have 30 days to vacate the property.
You can view a link to the Attorney General's press announcement here.
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