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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  October 31, 2008  |   States Step Up Foreclosure Relief Efforts
With subprime loans placing one in 33 U.S. home owners in danger of foreclosure in the approaching years, a report by the Pew Charitable Trusts provides evidence that states are moving proactively on the problem.

To prevent borrowers from getting inappropriate financing in the first place, 31 states have adopted rules governing predatory lending. A total of 20 states have embraced official foreclosure intervention or prevention programs, and 16 states have taken on both foreclosure prevention measures and laws to address high-cost lending.

Nine states now offer counseling hotlines to help home owners on the brink of foreclosure, and nine have set up loan funds that can be tapped to refinance unaffordable loans.

Various states also are encouraging lenders to avoid foreclosures through borrower workouts and are drafting laws to regulate "default-rescue" firms that take advantage of vulnerable home owners.

In addition to documenting state efforts to help distressed home owners, the Pew report also provides sources of assistance, including the Homeownership Preservation Foundation and the National Consumer Law Center as well as state-level aid from initiatives such as the Homeowners' Emergency Mortgage Assistance Program in Pennsylvania and Ohio's Opportunity Loan Refinance Program.

Source: Realty Times, Broderick Perkins (10/30/08)

© Copyright 2008 Information Inc.

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