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North Carolina's Governor Signs 3 Foreclosure Bills
In light of recent soaring foreclosure filings in North Carolina - 24% from June 2008 and 125% from July, 2007 - Governor Mike Easley signed a bill to offer relief to homeowners and banks alike. The North Carolina Foreclosure Prevention Project requires that both homeowners and the state's bank commissioner must receive 45 days notice before a foreclosure is filed and also allows the bank commissioner to extend any foreclosure filing notice by 30 days.  During this time, the state would negotiate with the homeowner and mortgage holder on their loan interest rate and payments. Easley estimates that that the law could help over 25,000 families stay in their homes and prevent losses to the banks which often reach 40% on a foreclosed loan.
In a news release, he said, "The program is the first of its kind in the nation that makes sure homeowners and lenders avoid foreclosures, where everyone ends up a loser. Our goal is to help bring borrowers and lenders together so that the family gets to keep their home and the bank does not lose money on the loan." The program will not cost the taxpayers anything.
Since his days as Attorney General, Easley has fought predatory lenders, ... more

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