Governor Dannel Malloy made a visit to Stamford Tuesday to sign a new housing bill into law. The bill, which was introduced by the Governor in the beginning of the year, will increase protections for homeowners facing foreclosure and streamline the state’s foreclosure mediation process.
“Passage of this new law will help keep more people in their homes, will protect homeowners, will protect lenders, and will protect our neighborhoods,” says Governor Malloy.
Malloy signed the bill at the Housing Development Fund Office, where he was joined by State Senator Carlo Leone and State Representative William Tong. Leone and Tong, who are co-chairmen of the State’s Banks Committee, helped push to get the bill passed.
“It’s very important that people do know that there is an alternative when they do get into trouble; that there is a process to help them,” says Leone.
“It’s going to help the 238 families who started foreclosures here in Stamford in the first half of this year,” says Tong.
“Even though the economy might slightly be improving, there are still people hurting out there,” Leone says.
One of those people is Jerome Murray, who has been in mediation with the bank for over 2 years.
“I love my home, I want to keep my home, and I can afford my home,” says Murray. “My dad and I have the ability to pay; we have sent Bank of America all required documents but the process has been slow.”
Malloy says one of the provisions of the law will ensure that lenders are more responsive to homeowners in the mediation process.
“What we found over the last few years is files went from person to person to person, very little familiarity; an appointment would be had, no one would have the ability to make a final decision and processes could go on forever,” says Malloy.
To find out more about the bill, visit the link below: http://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=6355&which_year=2013&SUBMIT1.x=-680&SUBMIT1.y=0&SUBMIT1=Normal