By Mike Stetzer
The Delaware House of Representatives unanimously approved two bills this week aimed at reducing the number of home foreclosures in the state, according to The Associated Press.
One of the measures requires a bank representative to sign an affidavit saying that the lender has provided the homeowner with information about federal loss mitigation programs that they could possibly qualify for before the foreclosure process can proceed. The news source added that the bill says foreclosure action cannot be filed until 45 days after a notice of intent to foreclose is sent by certified mail, as well as information about the state's Emergency Mortgage Assistance Program.
The other approved bill requires banks and homeowners to meet in a court-supervised mediation before a foreclosure can proceed. The source said the mandatory mediation program would replace an existing voluntary initiative that is run by the Delaware Supreme Court.
Representative Helene Keeley told the news source that foreclosure prevention bills would expire two years after enactment.
"We do not envision the foreclosure crisis to continue forever," she explained.
On the other end of the spectrum, published reports say that Tennessee has advanced a bill to its House and Senate that could speed up the foreclosure process. The legislation would cut the number of notices banks must publish in newspapers before foreclosing on a property.