Introduced
by
To prohibit a lender or mortgage holder from foreclosing by the common “foreclosure by advertisement” method if the mortgage holder does not participate in a government “help for hardest hit” program that gives subsidies to certain residential homeowners who have mortgages larger than they can afford. A lender or mortgage holder could still undertake judicial foreclosure proceedings, which are more costly and time consuming than foreclosure-by-advertisement.
Referred to the Committee on Banking and Financial Institutions
