Foreclosure Prevention Bills Almost Law!

At about 12:30 today, the House and Senate Conference committee on the foreclosure legislation approved compromise versions of the foreclosure bills.  Homeowners would have to be notified of foreclosure by a letter, and it would have to include detailed information about reasons for the foreclosure and who to contact. In some cases, homeowners could also go to court to seek modifications to their mortgages if they can't reach agreement with the lenders.  This judicial provision was the point of contention between the House and Senate.  Foreclosure proceedings could not begin for at least 90 days after a notice of foreclosure is mailed to the property owner. The owner would have 14 days to request a face-to-face meeting with the lender, with a housing counselor chosen from a list included with the foreclosure notice.  They could then attempt to modify the loan, and the bills include criteria that banks must follow to determine a modified loan for the homeowner.  The homeowner would have the right to call an attorney for help, as well as a housing counselor.  The House approved the Conference Committee report today, and the Senate is expected to do the same tomorrow.  The Governor is expected to sign the bills quickly after receiving them. The Municipal League was supportive of the concept of the bills and keeping people in their homes due to the impact that foreclosures is having on communities.