New Mexico Senate Democrats Aim to Prevent Improper Foreclosures

February 17, 2014
KRWG News (NM) 
mortgage lending news
State senators in New Mexico want to assemble a task force that would be charged with developing recommendations to the legislature on how to keep homeowners in the state from being wrongfully foreclosed on. The panel would include local homeowners as well as representatives from housing corporations, community and mortgage bankers, title offices, veterans' and senior citizens groups, bar associations, the state finance authority, and municipal and court offices.

"Foreclosure activity has dislocated families, destabilized communities, increased vandalism and crime in neighborhoods with abandoned properties, increased homelessness, lowered property values and resulted in a decreased tax base leading to loss of funding for vital public services," said Sen. Michael Padilla (D-14-Bernalillo), who said the legislation would "bring all aspects of the home loan mortgage industry together to avoid improper foreclosures."

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