Governor signs foreclosure notice extension law

Last modified: 7/3/2015 12:36:04 AM
Gov. Maggie Hassan has signed legislation that forces banks to mail foreclosure notices 45 days before scheduled auctions – nearly twice the number of days than is currently required in the state.

Loan providers are currently required to send notices 25 days before a sale, which is 12 days fewer than homeowners have under federal law to apply for a loan modification.

Lawmakers have been debating the extension for months. Proponents, who initially pushed for a 65-day notice, claim it will align the state with new federal guidelines announced last year through an effort to increase protections on struggling households.

Opponents, including the New Hampshire Bankers Association, argued that the original 65-day period would unfairly delay the foreclosure process and could potentially increase mortgage costs for new homeowners.

The amended law, which the governor signed last week, takes effect at the start of next year. It does not apply to commercial foreclosures.




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