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MN HF3029
Bill
Status
Introduced
4/24/2012
Primary Sponsor
Joe Mullery
Click for details
AI Summary
- Requires lenders to offer foreclosed residential property for sale to the former owner after the redemption period expires
- Property must be offered at a price no higher than what the lender could reasonably expect to obtain in an arm's-length sale
- Lender must include financing for the former owner's purchase at the lowest interest rate available from the lender
- Offer must remain available for at least 60 days and monthly payments must comply with U.S. Department of Housing and Urban Development guidelines
- Effective August 1, 2012
Legislative Description
Lenders required to make postforeclosure offers to former homeowners.
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