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MN HF3028
Bill
Status
Introduced
4/24/2012
Primary Sponsor
Joe Mullery
Click for details
AI Summary
- Requires mortgage lenders to perform net present value calculations before initiating foreclosure on residential property
- Lenders must compare the net present value of a modified loan that allows the homeowner to retain the property against the net present value of foreclosure using the same discount rate
- If any loan modification would result in greater net present value to the lender than foreclosure, the lender must make a good-faith offer to modify the loan
- Lenders must provide calculations to the borrower before commencing foreclosure and retain all calculations, analyses, and communication records for at least six years
- Effective August 1, 2012, and applies to all foreclosures commenced on or after that date
Legislative Description
Lenders required to make calculations prior to foreclosure.
Last Action
Introduction and first reading, referred to Commerce and Regulatory Reform
4/24/2012
Committee Referrals
Commerce and Regulatory Reform4/24/2012
Full Bill Text
No bill text available