AG wants to change foreclose process

March 24, 2009 8:49:48 PM PDT
The attorney general is working on a plan to help people on the verge of losing their homes.Roy Cooper is working with the legislature to write a bill that would impose a mandatory waiting period before a lender could foreclose on a homeowner.

Foreclosures are at the heart of the financial crisis. When people lose their home to foreclosure it impacts home values in the entire neighborhood.

Cooper told Eyewitness News Tuesday afternoon that right now the foreclosure process moves too quickly and lenders don't try hard enough to work out a plan with homeowners.

"We've seen some of these loans come in here, where, within two years of a decent monthly payment, boom, and that payment goes up to more than 50 percent of the household income, they aren't going to make it, and there ought to be way though, they've got income, they're still there, they still want to work it out, they were paying their monthly payment before, there ought to be a way to work that loan out," Cooper said.

Cooper hopes to reveal his prevention plan within the next week. It would then work its way through the legislature.


Load Comments