Wednesday, February 2, 2011

Possible Good News from Little Rhody

The Senator from Rhode Island, Sheldon Whitehouse, has introduced a bill that would allow bankruptcy judges to order lenders to begin mediation with homeowners in danger of losing their homes to foreclosure. The hope is that such a process would result in at least some of the homeowners successfully reaching agreement with the lenders in some way to let the owner keep the home and avoid foreclosure. The bill would not give the BK judges the right to force the lender to reduce the amount owed. However, even mandating an attempt at mediation is a step in the right direction.
Good luck.

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