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.
- Lauren Radomski
Latest Session Daily stories
'Starting Line': Open captioning on all televisions in public (4/14/2014 3:59:00 PM) Water management provisions added to drainage law (4/14/2014 12:33:04 PM) New law makes technical corrections to DHS funding (4/14/2014 11:54:13 AM) Housing ‘Unsession’ bill signed into law (4/14/2014 11:51:01 AM) Farmers markets, chili cook-offs will have specific food safety regulations (4/14/2014 11:01:51 AM) Pension subsidies pass the House (4/10/2014 6:19:00 PM) Veterans’ Voices Month proposal passed by House (4/10/2014 6:18:52 PM) Studies proposed to address veterans housing (4/10/2014 6:12:48 PM) House steps to the plate for wounded vets on motorcycles (4/10/2014 5:57:58 PM) House OKs relief for crowded stretch of interstate (4/10/2014 5:54:40 PM) Minimum wage increase passes House, governor to sign Monday (4/10/2014 4:53:00 PM)