Nov 2007
Attorney Melchionne joins Committee to propose Foreclosure Revisions
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.
