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A new state law -- An Act Concerning Responsible Lending and Economic Security -- provides mortgage relief for homeowners struggling to avert foreclosure. A provision of the law requires that notice be provided to homeowners of their rights to foreclosure mediation services and establishes a court-based program to avoid foreclosure. This notice and mediation program, while promising to benefit countless homeowners on the verge of foreclosure, is not effective until July 1, 2008 -- failing to include the hundreds of pending home foreclosure actions and others that may be initiated before then. In a letter to Chief Court Administrator Barbara Quinn, Blumenthal urged that all Superior Court judges be made aware of the new law and the court-based mediation program, so that -- if they find it appropriate and equitable -- they may halt and refer ongoing foreclosure cases to the court-based mediation program. “A temporary freeze may enable many homeowners to stop foreclosure while they seek help,” Blumenthal said. “This simple notice to state court judges may help keep hundreds of families in their homes. New laws promise hope to countless homeowners on the verge of foreclosure -- but we must ensure that these lifelines reach hundreds more already losing their homes. Mediation and other new programs may assist these homeowners to stay in their homes and avoid foreclosure -- a result that would benefit all parties.” Blumenthal expressed appreciation to Judge Quinn and the Judicial Branch for its efforts to inform judges and the public through posting information about the new measure on its web site, and discussing it with Superior Court judges. © Copyright by StamfordPlus.com. Some articles and pictures posted on our website, as indicated by their bylines, were submitted as press releases and do not necessarily reflect the position and opinion of StamfordPlus.com, Stamford Plus magazine, Canaiden LLC or any of its associated entities. Articles may have been edited for brevity and grammar. [an error occurred while processing this directive] CURRENT HEADLINES: [an error occurred while processing this directive] Top of Page
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