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Gov. Rell Signs Three Bills to Assist CT Homeowners
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Before the weekend, Governor Jodi Rell signed three bills to assist Connecticut homeowners struggling to pay the rent. The most crucial piece of legislation of these three will require foreclosure mediation for all foreclosures beginning after July 1.
Foreclosure mediation allows individual homeowners to conclude whether or not a loan modification or repayment schedule is a possibility with their lenders.
The two other bills signed into law by Rell will “set new standards for mortgage professionals, including testing and education requirements, and create a new crime of mortgage fraud” (AP).
The new mortgage fraud law is classified as a Class D felony, punishable by a maximum of five years imprisonment and a $5,000 fine, and multiple offenders will be subject to 10 years in prison and up to $10,000 in fines.
