U.S. Representative Michelle Lujan Grisham (NM-01) last week introduced the National Homeowners Bill of Rights Act of 2014 (NHBOR), which will help protect homeowners and ensure working-class families can benefit from the housing recovery.
“This legislation gives homeowners the necessary resources to protect their rights,” Rep. Lujan Grisham said. “With one out of 10 homeowners underwater with their mortgage, I want to ensure that these added protections benefit all homeowners nationwide and that we help the 720,000 families still trapped in the foreclosure crisis before it’s too late. This common-sense legislation will give homeowners the help they need to stay in their homes.”
The National Homeowners Bill of Rights Act of 2014 would add several protections for all homeowners, including:
- Requires servicers to provide translation services to improve communications
- Increased protection during loan transfers and penalties for robo-signing practices
- Enhances protections for tenants in foreclosed homes
- Establish limitations on when foreclosure proceedings can be initiated
- Require servicers to evaluate loan modification eligibility and offer modifications when homeowners are eligible
The bill is modeled after the California Homeowner Bill of Rights and builds upon the national mortgage settlement and current regulations. California’s foreclosure rate was cut in half after the Homeowner Bill of Rights was enacted in 2013 and since then, Minnesota and Nevada have enacted their own Homeowner Bill of Rights.
While Congress considers this legislation, Rep. Lujan Grisham is committed to continuing to help her constituents struggling with their mortgages. She will host as Foreclosure Prevention Workshop in Albuquerque on Saturday, July 26 from 9:00 am until 3:00 pm at West Mesa High School to assist homeowners who are facing imminent default or in default. Attendees will have one-on-one access to bank representatives, pro bono attorneys, and housing counselors. Representatives from Bank of America, Wells Fargo, Ocwen, Nationstar Mortgage, Bank of Albuquerque, Fannie Mae, CITI Mortgage and US Bank will be available to assist homeowners. To RSVP for the event, click here.
For complete text of the National Homeowners Bill of Rights Act of 2014, click here.
Americans for Financial Reform, National Council de la Raza, and the National Consumer Law Center have endorsed the National Homeowners Bill of Rights Act of 2014. For a full list of supporting organizations, click here.