ST. LOUS COUNTY, Mo. (KMOV) – A temporary restraining order has been issued for local banks as they seek to a stop a new law in St. Louis County that would force banks to mediation with foreclosed homeowners.
The new law was schedule to go into effect Friday, the restraining order will stall the law until at the next hearing, which will be held in mid-October.
The mediation law is in place in several others states. If a homeowner has gone through the process and is on the verge of foreclosure, they can ask for a face-to-face meeting with their lender to try to find a way to work out a plan to stay in their home.