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ID H0331
Bill
AI Summary
House Bill 331 Summary
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Requires notice of trustee's sale be mailed by registered or certified mail at least 120 days before sale to grantors, successors in interest, and persons with liens or interests recorded prior to notice of default.
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Mandates beneficiaries of state or federally regulated loans secured by primary residential properties provide supplemental notice offering borrowers opportunity to request loan modification within 30 days of notice of default.
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Requires beneficiaries to evaluate loan modification requests and respond within 45 days, during which time trustee's sale cannot occur; mandates meeting with borrower if requested before responding to modification request.
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Prohibits charging or collecting fees for mortgage loan modification activities unless the person is licensed pursuant to Idaho Code chapter 20, title 54, or chapters 31, title 26.
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Becomes effective September 1, 2011.
Legislative Description
Amends and adds to existing law relating to foreclosure to provide for the mailing of certain notice and procedure related thereto; to provide for supplemental notice and for an opportunity to request a loan modification; and to provide for loan modification fees.
FORECLOSURE
Last Action
Governor signed Session Law Chapter 323 Effective: 09/01/11
4/13/2011