In the give-and-take that comes with homeownership, both parties have — or at least, should have — a strong incentive to make sure the transaction works out and does not end in default and foreclosure. This mutual trust is vital to any real estate transaction.
Anyone who has ever purchased a home knows the paperwork involved. Stacks of contracts, each with its own series of “sign heres” and “initial theres.” One of the clauses in one of the paragraphs in one of the sections of one of those forms is a passage that requires the bank that holds the mortgage to place a public notice in the local newspaper before it evicts you for falling behind on your payments.
This is an important safeguard for homeowners.
State Senate Majority Leader Thomas K. “Tommy” Norment, R-James City, is trying to take it away.
Sen. Norment is sponsoring Senate Bill 1368, which would remove that requirement from the lenders and instead only call upon them to let homeowners know that they can check on foreclosure notices filed at the courthouse or posted online.
He proposed very similar legislation last year. It went down on a 17-20 vote when two of his fellow Republicans voted against it and two others were temporarily off the floor when the votes were taken.
To read the entire editorial, see the Feb. 2 edition of The Central Virginian.