According to this article from Loansafe.org, a bill passed the Assembly Banking Committee on Monday that could help homeowners avoid foreclosure after being approved to short sell their home.

The bill would make it illegal for banks to foreclose on homes that have already been approved for a short sale. Additionally, banks would be required to provide three days written notice before they can withdraw from a short sale.

The bill will now go on to the lower house’s judiciary committee for review.

If this bill is passed, it will be a huge victory for underwater homeowners. Perhaps other states will follow suit.

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