Perdue signs foreclosure protection law

September 9, 2009 4:59:23 AM PDT
Governor Beverly Perdue will sign the Consumer Economic Protection Act of 2009 into law Thursday.In February, Perdue joined other governors at the White House for talks with President Barak Obama. They talked about ways to spend stimulus money and she said, "I'm very troubled by the fact that North Carolina's unemployment rate continues to rise. Our foreclosure rate continues to rise, and we all know that the other shoe hasn't dropped. So nothing is a given right now."

With more homes ending up under the control of banks when owners can't make payments, the Governor hopes the new law will help homeowners.

"There's a hole in the bottom of the ship, and it's foreclosures, and it's sinking the US economy" explained Peter Skillern, Community reinvestment Association. "And we have to stop that hole first."

When Gov. Perdue signs the act, people close to losing their homes will get a chance to avoid foreclosure.

They'll get two extra months to negotiate payment plans with their lenders and those creditors must prove they tried to resolve delinquent mortgages before filing for foreclosure.

Perdue will sign the Consumer Economic Protection Act at 10 a.m.

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