Senate backs Easley’s mortgage foreclosure plan

RALEIGH — A plan to help North Carolina families struggling to make their mortgage payments is on the fast track in the General Assembly.

The Senate voted 45-1 on Wednesday to approve the plan. The vote sends the bill back to the House for final approval. That chamber signed off on an earlier version of the plan last week.

The bill requires lenders to give homeowners 45 days notice before starting foreclosure proceedings on subprime mortgage holders. It also gives state officials the power to stall
foreclosures for 30 days so they can try to create a new repayment plan.

One of the plan’s supporters, Sen. Walter Dalton, said foreclosures are “devastating” events that hurt both banks and families.

Gov. Mike Easley has called on lawmakers to pass the bill.

(Copyright 2008 by The Associated Press. All Rights Reserved.)