Bills in the General Assembly aim to stop “drive-by foreclosures”
Both houses of the Virginia General Assembly are considering bills to prevent so-called “drive-by foreclosures,” by big banks.
Legislation would slow Virginia’s swift foreclosure pace by expanding the required notice of foreclosure intent from two weeks to 30 or 45 days. It would also require banks to update county land records when a mortgage is transferred, so borrowers can determine who owns their home loans. And, there’s a bill to subject foreclosures to a court review.
McEachin: For the notion of moving from non-judicial to judicial is a relatively simple one.
Senator Don McEachin is one of the advocates.
McEachin: We don't deny people due process when it comes to their life, we don't deny them due process when it comes to their liberty. Why should we deny them due process to the very thing that allows them to enjoy both their life and their liberty, and that's home ownership.
The banking lobby opposes it.
Charles Fishburne, WCVE News