Homeowners will get a little more breathing room before a possible foreclosure under a bill signed into law by Gov. Beverly Perdue on Wednesday.
The legislation requires a court clerk to determine whether a mortgage holder has been able to talk to the lender about working out a way to pay the loan. Mortgages are sold and resold so often that it can be time-consuming to identify the lender and reach a decision-maker with that company. The clerk must also determine whether the lender has given the mortgage holder sufficient notice before trying to foreclose. The clerk can impose a 60-day waiting period before a foreclosure can proceed.
“This legislation allows time for loan modifications,” said Attorney General Roy Cooper, who attended the bill signing in the Capitol.
Read more about preventing foreclosure…
