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State Representative Joe Mullery
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-4262
For more information contact: Matt Swenson 651-297-8406
NEWS COLUMN
IMPORTANT NEW INFORMATION ON FORECLOSURES
If you are in danger of going into foreclosure, or know someone in that situation, it is important to be aware of my new law that passed this year. (This is the third year in a row that one of my foreclosure bills has been the lead nationally.)
Prior to my new law, there were three months from the beginning of legally-required actions by the lender until the end of the period when the mortgagor could pay off the arrearages and reinstate the loan. Under my new law, the mortgagor can elect to have an additional five months in which to pay the arrearages and reinstate the loan.
Since lenders usually take three or four months after default before they actually begin legal actions, a borrower will now have almost a year to pay the arrearages and save their home.
In view of the fact that in the Twin Cities it takes the average person five months to find a new job after being laid off or fired, most people who fall into arrears because of a change in their job status will now be able to find a new job (or return to work after an injury or illness) and reinstate their mortgage.
News Items
- Reminder: Primary - August 14; Some Voting Locations May Have Changed - (Posted: 2012-07-08 00:00:00)
- Passing of Dr. John Williams - (Posted: 2012-07-09 00:00:00)
- Rep. Mullery: 2012 Legislative Report - (Posted: 2012-07-10 00:00:00)
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