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AL HB501
Bill
Status
Introduced
4/2/2013
Primary Sponsor
Mike Ball
Click for details
AI Summary
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Prohibits lenders from recovering the difference between foreclosure sale proceeds and the outstanding indebtedness, interest, costs, and expenses for residential properties of 2.5 acres or less used for single one-family or two-family dwellings.
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Applies only to mortgages executed after December 31, 2013.
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Becomes effective on the first day of the third month following passage and approval by the Governor.
Legislative Description
Mortgage, lender may not seek to recover any differences from sale of foreclosed mortgage
Mortgages
Last Action
Read for the first time and referred to the House of Representatives committee on Financial Services
4/2/2013
Committee Referrals
Financial Services4/2/2013
Full Bill Text
No bill text available