Gov. Rell Trying to Save Homeowners and Renters from Foreclosure
Rell says foreclosure protection is a "must".
Governor Rell says homeowners and renters must be protected during these difficult economic times.
She outlined a three point plan Thursday to help people facing foreclosures. She's asking for a 90-day moratorium on all foreclosures, during which homeowners would have to pay taxes and interest. She also wants a 60-day mediation period on all contested foreclosures. For renters, owners of properties with five or fewer rental units will be required to notify tenants within seven days of receiving a notice of foreclosure or filing for protection from creditors under bankruptcy laws.
The banks and other mortgage lenders don't win by foreclosing on property, said the governor. But by working together, she said, both lenders and homeowners have much to gain by finding a mutually acceptable payment program.
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