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Governor Perdue said the Consumer Economic Protection Act of 2009 that she signed into law Wednesday morning should help the overall economy while also decreasing the foreclosure rate in North Carolina.
"It's always important when you can help homeowners stay in their houses," Perdue said.
Chris Estes with the North Carolina Housing Coalition said it's all too easy for bill collectors to take everything from homeowners without having accurate information about the credit card and other debts that may force them into foreclosure.
"All they had to do previously is file a lawsuit in court and if people didn't show up they were given summons judgment and move toward taking their homes to pay off the debt," Estes said.
Perdue also said that homeowners facing foreclosure have been exploited in the past.
"We do know there were some predatory practices going on all over the country and in this state. I believe this lays down the marker that we're not going to let this happen," said Gov. Perdue.
Estes said the new law also encourages people to fight for their homes.
"When you go into a foreclosure filing and lose, then appeal you had to provide a bond which was very expensive and it stopped folks from appealing. Now, they limited the bond to one percent," Estes said.
He said others can also benefit from this law.
"The benefit is not only for the homeowner but the homeowners surround them because studies show their values go down every time a home is foreclosed in their neighborhood," Estes said.
Under this new law, the homeowners will also get an extension of up to 60 day to figure out a payment plan or alternative way to pay their mortgage before their home is taken from them.
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By Needanewamerica on 09/10 12:12 AM
Nunyabiz your so right, but,,, The American people are so uninformed it makes me sick, all it take is 2 min on google to see what is really going on, why cant we do this? Ronnie, we are not dumb people, I know people who are hard working, with their doctorate degrees who cant find work! This will effect even you soon. If you all want to really know what is going on, get informed, watch "The Money Masters" on google video, email the governor, president, do something! I hate to say this, but its bigger then most people ever thought! Did you know the Federal Reserve is a Privately held corporation OUTSIDE our Constitution and the US!? If we want a change we need to get the FEDS out of our money and get back to what Andrew Jackson wanted and did for America, a debt free country, this was the last time we had NO dept, we have racked up over 25trillion dollars in 125 years, nice going all you corrupt politician, civil war is on its way! I for one say NO to the Feds. Pass a bill for this. Start a new money system and leave fractal money controlled by interest out of my pay check every week.
By Nunyabiz on 09/09 07:17 PM
That is complete BS
By ronnie on 09/09 01:50 PM
Its not to protect us! Its to protect the people that should have never been in a home they couldn't afford. And the easy way out for a Democrat is to make the hardworking people pay for these dumbies.
By Nunyabiz on 09/09 09:35 AM
Actually what has "raised our taxes" is the failed economy caused by the Bush administration destroying the country for 8 years. Either schools, police, Fire Depts and other needed resources were going to have to be cut to the point of being dangerous or taxes were going to have to be raised. Revenue has dropped significantly because of the economy, foreclosures, job losses, less spending, etc. Yet the need for these services have actually risen not dropped. So you want to complain about what ever "undue burden" you believe you have then complain about what the Bush administration did to this country for 8 years.
By Arlen on 09/08 11:33 PM
LOLOL, she raises our taxes and puts undue burdens on us, but signs legislation protecting us? I'd hate to have her kind of "protection" much longer. Ugh.
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