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MN SF2549
Bill
Status
3/23/2012
Primary Sponsor
Chris Eaton
Click for details
AI Summary
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Defines "short sale" as a homeowner's sale of mortgaged property for less than the amount owed on the mortgage loan.
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Requires lenders to respond in writing to homeowner short sale requests within 30 days, either accepting, denying, or accepting subject to conditions, with stated reasons for denial or conditions.
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Grants homeowners a 12-month redemption period if a lender fails to respond to a short sale request within the 30-day timeframe.
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Eliminates the lender's right to obtain a deficiency judgment in future foreclosure proceedings if the lender fails to comply with the response requirement.
Legislative Description
Mortgage lenders response to short sale requests requirement
Last Action
Referred to Commerce and Consumer Protection
3/23/2012