Senate Passes Bill to Protect Homeowners

We share this press release regarding action taken today on S.1981, An Act clearing titles to foreclosed properties. Senator Brownsberger supported passage of this bill in the Senate and said, “I am convinced that it is only right to give third party buyers of foreclosed properties some repose. I also believe it is good for the housing market to define a process that will remove uncertainty. Offending banks will remain fully liable to the extent they have done harm through unfair or deceptive practices.”

Cleaning up the Foreclosure Mess

The first major piece of legislation that the Senate will take up this Fall is “An Act clearing titles to foreclosed properties.” The bill in essence states that allegations of defects in foreclosure procedures must be raised within three years. It came through the Judiciary Committee which I chair, and it’s a solid bill that I fully support. Here is some background on this complex issue; please let me hear your questions!