House votes reprieve for homeowners in default
Dallas Morning News—May 2nd, 2009
Homeowners in default on their mortgages would get extra time to iron out their finances before their house is put up for sale under a bill the House approved Friday.
Legislation passed and sent to the Senate would lengthen the time in which a homeowner can cure a mortgage default from 20 to 45 days.
The vote was 96-42, with all the “nays” cast by Republicans.
Rep. Kristi Thibaut, D-Houston, said her bill would provide relief so struggling homeowners can stay in their homes.
Sales of foreclosed homes now account for a majority of home transactions in some Dallas-area neighborhoods as the number of foreclosures continues to rise.
Like a bill the Senate approved last week, Thibaut’s measure also would give renters at least 60 days to leave a home under foreclosure.