lawmakers in the state of Virginia begin their new session, they will potentially have three new proposals designed to help Virginia homeowners who are facing foreclosure. Virginia is a non-judicial foreclosure state and has one of the fastest foreclosure processes in the country. The first of the proposed laws will give homeowners more time to raise potential, the second would necessitate lenders getting the approval of a judge before seizing and auctioning off a home, and the third would give homeowners a eleventh-hour opportunity to catch up their payments in order to avoid foreclosure. Some lawmakers and groups such as the Virginia Bankers Association are opposed to the proposed laws saying that any of the proposed changes would handicap the process and cause needless delays.
One of the most drastic changes proposed to the requirement that banks and other lenders would be required to record all transfers of ownership of mortgages in the county land records. While this would make it much easier for homeowners to find out who owns their debt, it runs counter to the current system used by many lenders who employ Mortgage Electronic Registration Systems or MERS database to record these transfers. MERS has been one of the most criticized entities during the foreclosure crisis, as its opponents say the lack of suitable transfer of ownership records lies at the heart of the current crisis.
A Jacksonville Foreclosure Lawyer can only hope that Virginia lawmakers pass some from of change to help struggling homeowners protect their homes. If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today.
