LITTLE ROCK, Ark. - Attorney General Dustin McDaniel said Tuesday a new law that helps better inform Arkansas homeowners before having their houses undergo foreclosure "will help people during a difficult time."
The bill, sponsored by Rep. Tiffany Rogers, D-Stuttgart, was signed into law by Gov. Mike Beebe March 31. Act 885 requires mortgage companies to give homeowners more information if the company is pursuing foreclosure.
"Every year, the Consumer Protection Division in my office deals with numerous calls, often several a day, from people who find out their homes are being foreclosed on," McDaniel said. "They have little time to react and many times don't know where to get the information they must have before they can act."
The measure requires mortgage holders to inform homeowners about the foreclosure procedures and will let homeowners attempt to make good on delinquent payments or otherwise develop a plan to continue making payments.
Rogers said mortgage services will be required to provide homeowners with copies of the note, mortgage and any assignments, along with the physical location of the note and payment history, to any homeowner before initiating a foreclosure on their home.
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