New Mexico – LAS CRUCES, N.M. (KRWG) New Mexico Attorney General Gary King says he is renewing efforts to pass a law that would protect homeowners from foreclosure.
After a meeting with Las Cruces homeowners and community activists last week, King said he will ask the governor to allow lawmakers in January to consider a bill that that help homeowners engaged in good faith efforts with their mortgage lenders. Senate Majority leader Michael Sanchez sponsored the bill this year but it was never acted on.
The legislation would specifically prohibit the practice of "dual-tracking" by mortgage lenders and servicers. That is when homeowners are under the impression they are working with the lender to modify the terms of their loan while the lender is actually still working to foreclose on the loan without the their knowledge.
Copyright 2011 The Associated Press. KRWG