Foreclosure Rescue Bill Introduced In Virginia Legislature

In Richmond, Virginia, The Virginian-Pilot reports:

• Del. Sal R. Iaquinto, R-Virginia Beach, has introduced a bill he said will provide more protection to people at risk of losing their homes to foreclosure. HB 947 would require companies or people that offer assistance to homeowners under threat of foreclosure to clearly disclose their services. The bill would also give homeowners a three-day period to rescind contracts with foreclosure-aid entities. Iaquinto said these companies often take advantage of desperate homeowners by getting them to sign over ownership of their homes under the guise of helping them avoid foreclosure. “We’re not going to stop the process,” he said. “People just need to know what’s going on.”

Source: Bill seeks to protect homeowners in foreclosures.

Go here for more on HB 947 (summary as introduced) (full text).

For a competing foreclosure rescue proposed law introduced by Del. G. Glenn Oder, see HB 408 (summary and status report) (full text).

March 13, 2008 update:

Go here for the current version of HB 408 (summary and status report) (full text), which, as of 3-13-2008, has been passed by the House and Senate and awaits the Governor's signature.