| Alaska |
H.B. 163
Amends provisions for non-judicial foreclosures. |
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S.B. 18
Amends procedures and other aspects of deed of trust foreclosures, including: postponement of sale; delivery of notice; rescission of sale; and trustee bonds. Requires that notice of the sale of real property on execution also be given on a Web site, and describes the requirements that the Web site must meet to qualify. |
| Arizona |
H.B. 2689
Amends provisions regarding foreclosure. |
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S.B. 1616
Creates the Mortgage Rescue Fraud Protection Act; regulates foreclosure consultants. |
| Arkansas |
S.B. 907
Signed by governor 3/30/07, Act 721
Amends the statutory foreclosure act; provides that a mortgagor may assert fraud or the failure to strictly comply with the act's provisions as a claim or defense against the mortgagee or trustee. |
| Colorado |
H.B. 1157
Passed both houses 3/27/07
Allows a court in an action for unlawful detention of real property following a foreclosure sale to dispense with appearances by the plaintiff and a hearing in certain circumstances. Entitles a public trustee to receive fees for processing a rescission of a foreclosure sale and for rescheduling a sale after a rescission. Changes the time by which a public trustee or sheriff (officer) processing a foreclosure shall send notice of the foreclosure to persons on an amended mailing list provided by the holder of the evidence of debt. Allows a holder of an evidence of debt to provide an amended mailing list to the officer only until a specified number of days before the sale. Specifies that certain persons may cure a default in the terms of a lien being foreclosed, unless a court determines that there is a reasonable probability that a default other than nonpayment of sums due has occurred. States that the use of a good faith estimate shall not change or extend the period or effective date of a statement of all sums necessary to cure a default. Allows a bid submitted for a foreclosure sale to be modified orally at the time of the sale only if the person amending the bid is physically present at the sale and modifies and reexecutes the bid. States that a lienor who accepts a redemption amount less than the full amount of a lien or a holder of an evidence of debt who accepts a redemption amount less than the amount bid at sale before the redemption periods expire shall not be entitled to any excess proceeds from the sale. Allows the successful bidder at a foreclosure sale to rescind the sale without a court order within a specified period after the sale. Allows the holder of the evidence of debt to direct the public trustee to reschedule a sale that was rescinded. Limits claims by a person arising from a rescission of a sale to actual damages. Shortens the periods during which a lienor may redeem. Changes the deadline for the holder of a certificate of purchase to provide a statement of all sums necessary to redeem. Clarifies the interest rate that a redeeming lienor is required to pay on the amount of the sale. Specifies the information that a separate assignment of a certificate of purchase or redemption shall contain. States that the lien represented by a certificate of purchase shall have the same priority as the deed of trust or other lien foreclosed. |
| Connecticut |
H.B. 5222
Protects homeowners from the practice of equity skimming; regulates foreclosure consultants. |
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H.B. 7003
Makes lender participation in the Connecticut Housing Finance Authority's (CHFA) Emergency Mortgage Assistance Program (EMAP) mandatory, rather than elective, if the property and mortgage are eligible. Under the bill, a lender cannot bring a foreclosure action on an existing eligible mortgage unless it first provides notice to the borrower indicating that he has 30 days to (1) confer with the lender or a consumer credit counseling agency about restructuring the repayment schedule and (2) contact CHFA about the program if they are unable to resolve the delinquency or default. Additionally, for mortgages commenced on or after the bill's passage, the courts cannot approve a foreclosure or order a foreclosure sale started unless the mortgagor fails to respond to the notice or CHFA denies or misses the decision deadline for the application. The bill authorizes up to $5 million in bonds, which the Department of Economic and Community Development must use to fund the program. Additionally, the bill requires CHFA to use all the repaid funds it receives from mortgagors for EMAP. Current law requires the repayments to go into the General Fund. |
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H.B. 7005
Failed Joint Favorable deadline 3/8/07
Improves statutory protections for unemployed and underemployed homeowners in foreclosure actions, while preserving the rights of foreclosing lenders. |
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H.B. 7236
Clarifies provisions concerning the award of costs and attorney's fees in an action of foreclosure of a mortgage or lien or an action upon a bond which has been substituted for a mechanic's lien. |
| District of Columbia |
B17-0101
Prohibits certain equity stripping through foreclosure actions; regulates foreclosure consultants. |
| Hawaii |
H.B. 1332
S.B. 1418
Passed Senate 3/6/07
Creates the Mortgage Rescue Fraud Act; requires distressed property consultants to provide homeowners with a written contract spelling out the services and give them the right to cancel at any time before the services are actually performed. |
| Illinois |
H.B. 2709
Amends the Code of Civil Procedure. Makes a technical change in a section regarding the short title of the Article concerning mortgage foreclosures. |
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S.B. 258
Amends the Code of Civil Procedure. Provides that, in a case of foreclosure where the tenant is current on his or her rent, any order of possession must allow the tenant to retain possession of the property covered in his or her rental agreement (i) for 120 days following the notice of the hearing on the supplemental petition that has been properly served upon the tenant, or (ii) through the duration of his or her lease, whichever is shorter. Provides that the exception for continued possession by the tenant only applies if the tenant continues to pay his or her rent in full during the 120-day period. |
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S.B. 1718
Amends the Code of Civil Procedure. Makes a technical change in a section regarding the short title of the Article concerning mortgage foreclosures. |
| Indiana |
H.B. 1213
Allows an enforcement authority to order a first mortgage holder to take certain actions under the unsafe building law with respect to an unsafe building or structure that has been vacated by the owner as the result of a judgment of foreclosure or for which the mortgage debt has been discharged in a bankruptcy proceeding. |
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H.B. 1464
Provides that persons who are prohibited from bidding at a tax sale are also prohibited from purchasing property at a sheriff's foreclosure sale. |
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H.B. 1753
Passed Senate 4/3/07
Authorizes the Indiana housing and community development authority (authority) to establish a program to provide free mortgage foreclosure counseling and education to homeowners who have defaulted on or are in danger of defaulting on the mortgages on their homes. Provides that the program may include a central toll free telephone number that homeowners may call to receive mortgage foreclosure counseling and education. Authorizes the authority to award grants for the training of counselors who will provide mortgage foreclosure counseling and education. Provides that the authority may establish standards for the certification of counselors. Provides that the authority may solicit contributions and grants from the private sector, nonprofit entities, and the federal government to assist in carrying out the program. Requires the authority to submit a report to the legislative council annually. |
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S.B. 390
Passed Senate 2/26/07
Establishes notice requirements regarding foreclosures on real property. Provides that a homeowner may rescind: (1) contracts with foreclosure consultants; and (2) foreclosure reconveyance agreements. Provides that a homeowner may rescind a foreclosure reconveyance agreement at any time before midnight of the seventh business day after the homeowner's transfer of the interest in the real property that is the subject of the agreement. Requires a homeowner who rescinds: (1) a contract with a foreclosure consultant; or (2) a foreclosure conveyance agreement; to repay certain amounts advanced in connection with the contract or the agreement not later than 30 days after the date of rescission. Prohibits foreclosure consultants and foreclosure purchasers from certain actions. Requires foreclosure purchasers to: (1) ensure that title to real property is reconveyed to the homeowner in a timely manner if reconveyance is required under a foreclosure reconveyance agreement; or (2) pay the homeowner an amount equal to 82 percent of the net proceeds from any resale of the property, if the property is sold within 18 months of entering into the agreement. Requires a foreclosure purchaser to make a detailed accounting of the basis for the amount of payment made to the homeowner if the real property is resold within 18 months. Provides that a violation of the statute concerning mortgage rescue protection fraud is a deceptive act that is actionable by the attorney general. Allows a homeowner to bring an action for damages for a violation of the mortgage rescue protection fraud laws. Allows a court to award treble damages for a willful or knowing violation of the mortgage rescue protection fraud laws. Requires the Indiana housing and community development authority to maintain a list of nonprofit organizations that offer counseling or advice to homeowners in foreclosure or loan defaults. Excludes certain banks, trust companies, governmental entities, attorneys, and other persons from the law. Makes a violation of the mortgage rescue protection fraud laws a Class A misdemeanor. |
| Maine |
L.D. 868
Amends the laws governing civil action foreclosure to require that the judgment of foreclosure entered by the court and evidence of compliance with the notice and public sale requirements be attached to or included within the deed, or both, or otherwise be recorded in the registry of deeds. |
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L.D. 1244
Gives the Maine State Housing Authority the power to make a loan or enter into a contract with a financial institution to make a loan on behalf of the Maine State Housing Authority to pay off an existing loan on a single-family residence to assist a homeowner who is in default of the existing loan and in danger of losing the residence through foreclosure. |
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L.D. 1617
Repeals the laws that permit foreclosure of a mortgage on real property by possession and by sale of the property, also known as strict foreclosure. |
| Maryland |
S.B. 131
Requires persons authorized to make a sale in an action to foreclose a mortgage or deed of trust to post written notice on a specified part of the property to be sold; requires notice to be posted by a specified time before sale of the property. |
| Massachusetts |
H.B. 1237
Creates the Massachusetts Homeownership Protection Program and foreclosure prevention fund. |
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H.B. 1290
Establishes a home preservation fund to preserve and promote homeownership. |
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H.B. 1693
Relates to mortgage foreclosure and active duty servicemembers; provides protections. |
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S.B. 747
Creates a Home Preservation Fund; provides for a right to cure. |
| Minnesota |
H.F. 1209
S.F. 1533
Regulates certain transactions with homeowners whose homes are in foreclosure. |
| Missouri |
H.B. 1250
Prohibits any lending institution from foreclosing on a mortgage loan for up to 18 months for any veteran who has applied for disability benefits. |
| Nebraska |
L.B. 99
Signed by governor 3/8/07
Amends N.R.S. §25-1081 by adding circumstances under which a receiver may be appointed by the district court. The additional circumstances are as follows: in an action to foreclose a trust deed as a mortgage; in connection with the exercise of power of sale under a trust deed and following the filing of a notice of default under the Nebraska Trust Deeds Act; in an action brought to enforce a written assignment of rents provision contained in any agreement that provides for the appointment of a receiver; and in any case in which either a mortgagor or trustor has agreed to the appointment of a receiver in writing. |
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L.B. 123
Enacts the Nebraska Foreclosure Protection Act in order to impose legal restrictions and requirements on “foreclosure consultants” and “equity purchasers” who, if uncontrolled, could take advantage of homeowners in financial distress with deceptive or unconscionable business practices to dispossess them or strip the equity from their homes. The bill’s stated purpose is to: curtail and prevent the most deceptive and unconscionable of these business practices; provide homeowners with information necessary to make an informed and intelligent decision regarding transactions with certain foreclosure consultants and equity purchasers; provide minimum requirements for contracts between such parties, including rights to cancel such contracts; and ensure and foster fair dealing in the sale and purchase of homes in foreclosure. |
| Nevada |
A.B. 440
Establishes specific rights and duties concerning foreclosure consultants and foreclosure purchasers. |
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A.B. 560
Under existing law, the balance of any proceeds of a foreclosure sale on real property remaining after the payment of the expenses relating to the sale, the obligation being enforced by the sale and any other obligations secured by the property is required to be paid to the debtor or his successor in interest. (NRS 40.462) This bill authorizes a debtor and a third party to enter into an agreement pursuant to which the third party assists the debtor in the recovery of the balance of any proceeds due to the debtor after a foreclosure sale and establishes the requirements for such an agreement. This bill also requires that fees charged by third parties pursuant to such agreements must be reasonable and provides a presumption that fees which exceed $2,500 are unreasonable. A third party seeking a fee that exceeds $2,500 is authorized to apply to a court for permission to charge the higher fee. |
| New Hampshire |
H.B. 149
Inexpedient to legislate 3/27/07
Defines a purchaser at a mortgage foreclosure sale and allows a purchaser at a mortgage foreclosure sale to terminate a tenancy of the property by a notice to quit. |
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H.B. 212
Inexpedient to legislate 3/27/07
Provides the procedure for a lessor, owner, or purchaser at a mortgage foreclosure sale to terminate the tenancy or otherwise recover possession of a property. |
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H.B. 365
Passed House 3/21/07
Establishes a commission to study foreclosures of home mortgages and the foreclosure rescue scam industry. |
| New Jersey |
A.B. 1186
Ensures that a mortgagor receives notice of a sale, assignment or transfer of a residential mortgage to a new lender so that the mortgagor can direct payments to the appropriate lender. The bill requires that under the "Fair Foreclosure Act," whenever a mortgage lender initiates a foreclosure or other legal action to take possession of residential real property and the lender purchased the mortgage from a previous lender - a "selling servicing organization"- the lender must include a certain declaration in the notice of intention to foreclose. The declaration must state that the selling servicing organization notified the mortgagor of the sale, assignment or transfer by certified mail, return receipt requested, not less than 15 days prior to the effective date of the transfer. The bill also requires that whenever a lender sells, assigns or transfers the servicing of a mortgage loan for which an escrow account has been established, the lender must notify the mortgagor, by certified mail, return receipt requested, not less than 15 days before the effective date of the transfer. |
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A.B. 1458
S.B. 1233
Creates the New Jersey Servicemembers' Civil Relief Act of 2005 and repeals the New Jersey Soldiers' and Sailors' Civil Relief Act of 1979 (C.38:23C-1 et seq.). The purpose of the bill is to update and modernize the benefits and protections afforded to individuals serving on active duty in the military. No benefits or protections are reduced in this bill. Additionally, the bill includes a provision to reduce to six percent interest rates on an obligation or liability incurred by a person on active duty. This provision mirrors a section in the federal Servicemembers Civil Relief Act, Public Law 108-189. |
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A.B. 3157
Provides uniform procedure for sheriffs to provide certain surplus notices in mortgage foreclosure actions. |
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A.B. 3176
Amends the "Fair Foreclosure Act" to require a uniform procedure for each sheriff’s office in the state to provide notices to debtors in mortgage foreclosure actions as to surpluses from the sale of their properties. Surpluses that remain unclaimed escheat to the state under the “Uniform Unclaimed Property Act.” |
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A.B. 3588
Supplements the "Fair Foreclosure Act," P.L.1995, c.244 (C.2A:50-53 et seq.) by applying a statute of limitations to residential mortgage foreclosure actions. The bill is intended to address some of the problems caused by the presence on the record of residential mortgages which have been paid or which are otherwise unenforceable. These mortgages constitute clouds on title which may render real property titles unmarketable and delay real estate transactions. The bill provides that a foreclosure action must be commenced by the earliest of: (1) five years from the date of maturity; (2) 25 years from the date of recording or execution, provided that the mortgage itself does not provide for a period of repayment in excess of 20 years; or (3) 20 years from the date of default by the debtor. Thus, the bill allows title examiners to determine that a mortgage which on its face has matured more than five years ago or which was recorded more than 25 years ago is not a cloud on title because an action can no longer be brought to foreclose it. The bill also codifies the holding in Security National Partners Limited Partnership v. Mahler, 336 N.J. Super. 101 (App. Div. 2000), which applied a 20-year statute of limitations to a residential mortgage foreclosure action based on a default due to nonpayment. In its decision, the court noted that since there is no statute of limitations expressly applicable to mortgage foreclosures in these situations, courts have resorted to drawing analogies to adverse possession statutes which bar rights of entry onto land after 20 years. This bill would resolve the uncertainties surrounding this area of law by providing a specific statute of limitations of 20 years from the date of the default by the debtor. |
| New Mexico |
H.B. 641
Relates to real property; designating priority and time periods for redemption rights after judicial foreclosure. |
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H.B. 732
Signed by governor 3/30/07, Chapter 95
Relates to actions affecting property; increases the homestead exemption and the property exemption in lieu of the homestead exemption; reconciles conflicting amendments to the same section of law in laws 1979. |
| New York |
A.B. 3087
Authorizes loans to distressed homeowners whose homes are subject to a mortgage that is either in danger of being foreclosed or that is in the process of being foreclosed due to a default in the terms of the mortgage; requires written disclosure by the investor to the distressed homeowner. |
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A.B. 3413
Increases the fees paid to foreclosure referees. |
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A.B. 6984
S.B. 4051
Requires that notice of foreclosure be served upon all tenants of the building that is being foreclosed. |
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S.B. 4210
Provides additional notice requirements to mortgagors that a foreclosure action has been commenced. |
| North Carolina |
H.B. 947
Requires that a notice of sale in foreclosure proceedings be sent to any tenant residing in the property to be sold and allowing the tenant after receiving the notice to terminate the rental agreement upon 10 days' written notice to the landlord. |
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S.B. 1264
(1) Overturns the Shepard case and amends the limitation regarding actions to recover for usury; (2) overturns the Skinner case and amends the long-arm statute to allow North Carolina courts to exercise personal jurisdiction over certain nonresident defendants; (3) allows the reinstatement of a debt secured by a mortgage or deed of trust where the debtor makes or tenders payment of certain sums; (4) requires that a notice of foreclosure contain certain information; and (5) makes other amendments to the law governing home loans. |
| North Dakota |
S.B. 2216
Signed by governor 3/9/07
Creates and enacts a new section to chapter 32-19 of the North Dakota Century Code, relating to payment to redeem; and amends and reenacts §32-19-22 of the North Dakota Century Code, relating to the service of notice before foreclosure. |
| Ohio |
H.B. 138
Enact §2329.271 of the Revised Code to require purchasers of real property at a judicial sale to provide certain identifying information, allows municipal corporations to conduct inspections of property subject to a writ of execution, requires judicial sales to be confirmed within 30 days of sale, requires officers who sell real property at a judicial sale to file a deed within 14 days of confirmation, authorizes courts and county boards of revision to transfer certain tax delinquent lands subject to judicial foreclosure without appraisal or sale, permits a summary property description to be read at a judicial sale, and offers property that did not sell at a judicial sale to a political subdivision before forfeiture to the state. |
| Oregon |
S.B. 302
Allows judicial sale of property to occur after death of property owner if sale is pursuant to judgment of foreclosure and sale. |
| Pennsylvania |
H.B. 39
Provides for the Homeowner's Emergency Assistance Program; and provides for biennial foreclosure study. |
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H.B. 40
Provides for prohibited acts and practices with respect to residential mortgages; further provides for attorney fees; and provides for foreclosure and other legal actions. |
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H.B. 486
Provides for the Homeowner's Emergency Assistance Program, for notice and institution of foreclosure proceedings, for notice requirements, for assistance payments and for repayment; and provides for an ongoing foreclosure study. |
| Rhode Island |
H.B. 5322
Establishes evidence of the fair market value of a foreclosed premises as a set off against a deficiency action filed by the mortgagee against the mortgager. |
| South Carolina |
S.B. 565
Amends §29-3-680, as amended, relating to application for an order of appraisal in connection with a foreclosure proceeding, so as to provide that the statutory right to appraisal pursuant to application to the court must not be waived by a debtor, maker, borrower, guarantor, or other obligor, and to provide that a creditor who elects to seek a personal judgment on the underlying debt as opposed to a foreclosure of the mortgage may recover only the difference between the statutory appraised value and the amount due on the debt. |
| Texas |
S.B. 645
Relates to a study of residential foreclosures in certain counties. |
| Wyoming |
H.B. 308
Provides for forcible entry and detainer actions upon foreclosure of executory contracts for the purchase of real property as specified. |
