Mortgage modification; application, limitations on foreclosure. (HB822)
Introduced By
Del. Bob Marshall (R-Manassas)
Progress
√ |
Introduced |
X |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Mortgage modification; application; limitations on foreclosure. Provides that if a borrower has submitted an application to modify the terms of a loan securing a debt on any residential real property that serves as the primary residence of the borrower, a mortgage lender or mortgage servicer may not initiate foreclosure on such property until (i) it has denied the application or (ii) if the modification was granted, the borrower has defaulted under the terms of the modification. A mortgage lender or mortgage servicer shall also notify in writing the borrower of its denial of an application for modification and its reasons therefor within 30 days after receipt. View Full Text »
Outcome
Bill Has Failed
View Bill's History
Comments
Please, support this bill. Everyone should have a fair chance to have a decent home.
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