Wednesday, Nov 21 2007 Filed in: What's New
Attorney Melchionne has joined a group of consumer lawyers concerned with the current state of Connecticut law on foreclosures. As a result of several meetings and discussions, the group has drafted two proposals. They are House Bill No. 5552, Act Concerning Procedures in the Foreclosure of Residential Premises and Senate Bill No. 347, Act concerning Homeowners Protection. The first would result in substantial change in the foreclosure process requiring a lender to give notices to a borrower in plain language that a foreclosure is beginning which could result in the loss of a home. Other requirements would include loan workouts and court sponsored mediation as well as mandatory document production to provide proof of the lenders ownership of the loan before getting judgment. The second proposal would allow a Superior Court to fashion a repayment plan to allow homeowners a chance to reinstate their mortgage through a modification. The bills will come up for a hearing in the legisature in February.