N.M. AG to again push for foreclosure protection bill
LAS CRUCES, N.M. (Legal Newsline) - New Mexico Attorney General Gary King last week pledged to again bring a law before the state Legislature that would help protect homeowners facing foreclosure.
On Wednesday, the attorney general met with concerned homeowners in the Las Cruces area, promising them he would do his best to get the bill passed this upcoming legislative session.
During the last session, King's office wrote and proposed a piece of legislation that would provide some protection for those homeowners engaged in "good faith efforts" with their mortgage lenders.
The legislation would specifically prohibit the practice of "dual-tracking" by mortgage servicers. That is when homeowners believe they are working to modify the terms of their mortgage while the lender is working to foreclose on the loan.
No action was taken on the bill, sponsored by Senate Majority Leader Michael Sanchez.
Sanchez is expected to again sponsor the measure this session, King said.
"I am asking Gov. Martinez to put this bill on the legislative agenda in January and join us in supporting it," the attorney general said in a statement.
"It's time lenders give homeowners a fair chance to modify their loans in good faith without simultaneously and separately moving to foreclose."
From Legal Newsline: Reach Jessica Karmasek by email at email@example.com.