New Mexico Senator Sponsoring Bills to Provide Protection for Homeowners Facing Foreclosure
On February 13, the Albuquerque Journal published an article titled Bills aimed at protecting homeowners.
Bills aimed at protecting homeowners
A senator from Southwest Albuquerque is sponsoring seven bills aimed at protecting homeowners at risk of experiencing a home foreclosure.
Sen. Michael Padilla, D-Albuquerque is taking a broad approach. He wants to help educate home buyers about home owning costs beyond mortgage payments, to improve the ability to track the owner of a foreclosed property and to enhance opportunities to resolve payment problems before going to court.
Padilla lives in the 87121 zip code area of Southwest Albuquerque, which has one of the highest foreclosure rates in the metro area. One in every 364 homes in the area was in some stage of foreclosure in January, according to Irvine, Calif.-based RealtyTrac which tracks foreclosure trends. By comparison, the statewide foreclosure rate in January was one in every 1,932 houses.
“The foreclosure issue has been improving in areas where the economy is beginning to turn around,” Padilla said, “But in areas where it has not, including this area that I am talking about, it continues to be an albatross around those subdivisions.”
Padilla’s Bills are:
SB27: Calls for $50,000 to continue supporting a task force that has examined foreclosure-related issues in the metro area. Padilla, who helped establish the task force, wants it to be able to continue its research throughout New Mexico
n SB28: Asks for $500,000 for the New Mexico Mortgage Finance Authority to run a pre-purchase home buyer education program
n SB29: Would reduce from 14 years to four years the amount of time within which a lender can seek to recover money if a foreclosure doesn’t cover the loan in full
n SB30: Would enhance opportunities for mitigation prior to foreclosure proceedings and prohibits “robo-signing” of documents,
n SB141: Calls for $1.58 million from the general fund for the administrative office of the courts in fiscal year 2016 to provide foreclosure settlement facilitation programs
n SB142: Clarifies that foreclosure proceedings must be handled through the courts in all cases
SB143: Requires creditors to record a foreclosure judgment with the county clerk within 45 days, enabling cities to trace the owner to ensure that vacant properties are maintained
Please click here to view the article online.
Please click on each link to view the current versions of the proposed legislation:
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