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Please read the following excerpt of an article on Mortgage Servicing News, and then my comments;
Louisiana Senate Bill 752 was just signed into law by Governor Bobby Jindal on June 8. The new law addresses the maintenance of abandoned mortgaged properties and explicitly protects the rights of mortgagees, loan servicers and third party property maintenance companies from liability.
The bill states, “the mortgagee, loan servicer, and any third parties hired by them to perform maintenance on the property...shall not be liable to the mortgagor or the owner of the seized property or any other person for any financial or pecuniary loss or damage claimed to have been suffered by the mortgagor or owner of the property or any person by reason of the maintenance of the property.”
Now my thoughts, if I read this correctly, the field service contractor (as well as the bank and preservation company) is being protected from any pecuniary loss (pecuinary means financial or monetary) from any clainmed damage by "mortgagor, owner of the seized property or any other person..." That means the home owner, bank, or the company we work for cannot hold us (the contractor) liable for any damage that may occur during the maintenence of the property. And I define "maintenence" as anything we do for the company we work for (SG,FAS,Cyprexx).
Your thoughts?
Louisiana Senate Bill 752 was just signed into law by Governor Bobby Jindal on June 8. The new law addresses the maintenance of abandoned mortgaged properties and explicitly protects the rights of mortgagees, loan servicers and third party property maintenance companies from liability.
The bill states, “the mortgagee, loan servicer, and any third parties hired by them to perform maintenance on the property...shall not be liable to the mortgagor or the owner of the seized property or any other person for any financial or pecuniary loss or damage claimed to have been suffered by the mortgagor or owner of the property or any person by reason of the maintenance of the property.”
Now my thoughts, if I read this correctly, the field service contractor (as well as the bank and preservation company) is being protected from any pecuniary loss (pecuinary means financial or monetary) from any clainmed damage by "mortgagor, owner of the seized property or any other person..." That means the home owner, bank, or the company we work for cannot hold us (the contractor) liable for any damage that may occur during the maintenence of the property. And I define "maintenence" as anything we do for the company we work for (SG,FAS,Cyprexx).
Your thoughts?