Contact: Erika Martinez
(505) 986-4263
Erika.Martinez@nmlegis.gov
FOR IMMEDIATE RELEASE
February 12, 2015
Senator Majority Whip Michael Padilla Pushes Needed Protections for Home Owners and Buyers
Santa Fe, NM –Senate Majority Whip Michael Padilla (D-14-Bernalillo) today, held a press conference to announce several pieces of legislation to stop unfair foreclosures, and support and educate homebuyers.
“In the past year I’ve met with and listened closely to advocates and professionals across New Mexico, who conduct various aspects of home sales. We discussed how to best protect and serve New Mexico homeowners and buyers. We came up with seven pieces of legislation to ensure that those considering buying a home are financially educated, supported and protected from unfair foreclosure,” said Sen. Padilla.
Senate Bill 142 (SB142) ensures that homeowners, who are in danger of foreclosure, are given due process before a judge. Senate Bill 143 (SB143) gives increased notification of a proposed sale of a foreclosed home to interested parties, including the former owner. Senate Bill 29 (SB29) reduces the period in which to enforce a deficiency judgment arising from a foreclosure from 14 years to four years. Senate Bill 30 (SB30) provides New Mexico homeowners with alternatives to foreclosure by requiring servicers to take less harmful actions prior to foreclosure. Senate Bill 141 (SB141) requires lenders and banks to seek settlement facilitation before they proceed with the foreclosure process. Senate Bill 27 (SB27) appropriates $50,000 from the general fund to support holding foreclosure process task force meetings around the state.Senate Bill 28 (SB28) appropriates $500,000 from the general fund to implement a pre-purchase homebuyer education program.
“This package of legislation was created to address the high number of people losing their homes while there is a scarcity of jobs in our state. The American Dream should not be shattered because people are ill-equipped or uninformed about what is needed to be successful,” added Sen. Padilla. “I believe that these bills should be seriously considered for the assistance of New Mexico families. Parents should not have to worry about losing a home for their kids because they’ve hit unfortunate financial circumstances. Kids should go to school and concentrate on learning; they should not worry about where they’re going to sleep at night. These bills will give New Mexico homeowners and buyers a hand up.”
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