FINAL PASSAGE: McClellan/Torian Bill to Prevent Foreclosures Passes General Assembly, Moves to Governor’s Desk
The Preserving the American Dream Act will require mortgage companies to give a 60-day notice period to homeowners that are facing foreclosure, a significant increase from the current 14-day notice period. The bill will also require the notice to include information regarding legal assistance and resources for the homeowner. Additionally it requires localities to provide plans to maintain and improve manufactured housing and ensure residents of manufactured home communities are provided information about their rights and opportunities to have a greater say in the future of their communities.