MS SB2742

Mortgagees must provide 90 days' written notice via certified mail before foreclosing on residential property, with notice including borrower's right to cure the default and contact information for the lender.

Mortgagees are prohibited from charging attorney's fees or other charges (except per diem interest) to the mortgagor during the 90-day cure period.

Mortgagees must file notice copies with the Commissioner of Banking and Consumer Finance, and notify the commissioner of the foreclosure sale date, purchase price, and a copy of the notice if the property is sold.

The Commissioner must maintain a foreclosure database tracking activity by lenders, servicers, brokers, and loan originators, and produce annual public reports analyzing preforeclosure notices, geographic trends, and interest rates.

Transfers of title by defaulted mortgagors in contemplation of regaining possession are prohibited unless the purchaser is a close family member (spouse, parent, grandparent, child, grandchild, sibling, aunt, or uncle).