House Bill 3

The legislature is back in session and those of us who worked to pass House Bill 3, the Foreclosure Prevention Legislation, are anxious to have the Senate take up the legislation.  The bill was referred to the Finance Committee before recess and left to lanquish during the budget process.  It is important that this legislation get prompt hearings, as there are still many foreclosures being filed and much work to do to keep people in their homes.  To summarize, House Bill 3 calls for a six month moratorium on foreclosures during which time the borrower must pay at least half of their monthly payment to participate and which does not apply to vacant properties, licensing servicers who serve as the middle men/women between the borrowers and the lenders, and a 750.00 foreclosure filing fee to go primarily to housing counselors, local governments for remediation of blight and fraud work.  This legislation, if passed, will help preserve property values in our community and keep people in their homes.