At least one state is attempting to right what`s been all wrong in the foreclosure market.
The New York State assembly yesterday passed legislation to impose a one year delay on foreclosures when homeowners default on their mortgage payments.
The bill will attempt to limit the impact in New York with so many of it`s residents losing their homes.
The sub-prime lending market has taken its toll throughout our nation. With the mortgage industry aggressively marketing mortgages with "TEASER RATES" that made buying a home "Too Good To Be True".
Many times these loans were designed to automatically place an unsuspecting Homeowner in a comprising position.
In Florida we deal with "Homeowners" everyday who are experiencing the loss of a home.
These people bought homes with all great intentions only to have their homes become worth less and their actual value in the stratosphere.
It`s almost impossible to predict the Fall Out,but this type of legislature is a step in the right direction.
Hopefully, our state will come to the rescue of it`s residents as well..
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