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A two-year moratorium on foreclosure sales proposed.

published 2/9/2010
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A two-year moratorium on residential foreclosures could give struggling homeowners a better shot at keeping their property.

Rep. Jeff Hayden (DFL-Mpls) sponsors HF2604, which would allow people facing foreclosure to stay in their homes as they attempt to negotiate with lenders. Hayden said he believes the legislation would help stabilize communities by giving homeowners more time to work with banks.

Another part of the bill offers protection to renters living in a building under foreclosure.  Landlords would need to inform renters of continued utility services and new owners would need to offer fair market rent to existing tenants.

The House Housing Finance and Policy and Public Health Finance Division approved the bill and sent it to the House Commerce and Labor Committee.

Some members said they believed the group did not have adequate time to discuss the legislation, and an amendment to forward the bill without a recommendation was approved in a roll-call vote 7-5.

A Senate companion bill, SF2242, sponsored by Sen. D. Scott Dibble (DFL-Mpls), awaits action by the Senate Health, Housing and Family Security Committee.

- Lauren Radomski


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