New legislation aimed at helping homeowners - KCBD NewsChannel 11 Lubbock

4/24/09

New legislation aimed at helping homeowners

Posted:

LUBBOCK, TX (KCBD) - Good news for struggling homeowners  - Texans who fall behind on their mortgage payments could soon get more time to try to save their homes under new legislation approved by the state senate Friday.

Under the current law, Texas homeowners have just 20 days to cure a loan default before lenders foreclose on them. It is one of the shortest foreclosure notice periods in the country, but the new bill would extend that period to 45 days.

The vote was a unanimous yes in the senate and now moves on to the state House.

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