Committee says Foreclosure Law Needed

The Pennsylvania House Commerce Committee has wrapped up a series of hearings on a proposed foreclosure law and Committee Chair Peter Daley says the result is an increased certainty that the law is needed. The bill would mandate that county courts establish programs requiring lenders to meet with homeowners facing foreclosure at the very beginning of the process. Rep. Daley of Donora says during the series of hearings he has learned that many home owners “give up” and “put their head in the sand” when they get their first notice of foreclosure. He says there are a variety of programs available that can help them renegotiate the terms of their loan and stay in their homes but most people do not take advantage of them. Daley says he has the support of the banking industry and community nonprofit groups that help those about to lose their homes. Daley says wile the first round of foreclosures involved people who had bad loans or owned homes they could never afford, this round of foreclosures is impacting people who have lost jobs or income due to the economic slowdown. The measure will be moved to the full house later this month and Daley says he thinks it will pass easily before the summer break.