Loading chat...

MN HF2818

Bill

Official Source

Status

Introduced

3/12/2012

Primary Sponsor

Jim Davnie

Click for details

Origin

House of Representatives

87th Legislature 2011-2012

AI Summary

  • Defines "short sale" as a homeowner's sale of mortgaged property for less than the amount owed on the mortgage loan.

  • Requires lenders to respond in writing within 30 days to homeowner short sale requests, either accepting, denying, or accepting subject to conditions, with stated reasons for denial or conditional acceptance.

  • Grants homeowners a 12-month redemption period if lender fails to respond within 30 days.

  • Eliminates lender's right to obtain a deficiency judgment in future foreclosure if lender fails to respond to short sale request within 30 days.

Legislative Description

Short sale request lender response required, and consequences specified of nonresponse.

Last Action

Author added Nelson

3/19/2012

Committee Referrals

Commerce and Regulatory Reform3/12/2012

Full Bill Text

No bill text available