Mortgage lenders or servicers; notice and additional time before foreclosure on high-risk loans. (SB797)

Introduced By

Sen. Phil Puckett (D-Tazewell)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

High-risk mortgage lenders or servicers; 10 days' notice; 30 days' forbearance. Requires high-risk mortgage lenders or servicers to provide written notice of the intention to send a notice to accelerate the repayment of the loan 10 business days prior to sending the notice of acceleration. If an obligor indicates the desire to avoid foreclosure, the high-risk mortgage lender or servicer shall give the obligor 30 calendar days' forbearance.   View Full Text »

Status

03/26/2008: Passed the General Assembly
View Bill's History

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