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"Antiquated" State Laws are Fueling the Forclosure Crisis

February 27, 2009

A new report (PDF) from the National Consumer Law Center  describes foreclosure laws in each of the states.  The report finds that antiquated state laws are exacerbating the foreclosures crisis sweeping the nation.

Three out of five states allow “Fast Track” Foreclosure and 33 states do not even require lenders to directly notify homeowners about the foreclosure process.  Mortgage lenders are also often allowed to charge homeowners large penalities both before and after foreclosure proceedings, decreasing the chances that borrowers can save their homes.

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