Foreclosure Articles
N.C. bill to help subprime loans avoid foreclosure
Charlotte Business Journal
North Carolina lawmakers have approved a bill that would give the state commissioner of banks the power to step in when homes with subprime mortgages are facing foreclosure.
The bill requires mortgage servicers to give at least 45 days notice before they start foreclosure proceedings on subprime loans.
Notice also must be filed with the state commissioner of banks, who will review individual loans to determine whether they can somehow avoid foreclosure. If that’s the case, the commissioner will have the right to extend by 30 days the date on which lenders can start foreclosure proceedings. The state banking office then will work with borrowers and servicers to work out a deal.
Problems with housing are much worse in most other areas of the country than they are in North Carolina. But the state isn’t immune to the crisis: Foreclosures across the state are expected to hit 60,000 this year, up from about 50,000 last year.
The bill passed the state House on Thursday. The Senate has already approved the measure. Gov. Mike Easley is expected to sign the bill.
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