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WV HB2111
Bill
Status
Engrossed
3/24/2025
Primary Sponsor
Wayne Clark
Click for details
AI Summary
- Establishes the Uniform Mortgage Modification Act to clarify that certain loan modifications do not affect a mortgage's priority or create a novation
- Allows mortgage modifications including extending maturity dates, decreasing interest rates, capitalizing unpaid interest, forgiving principal, and modifying escrow/insurance requirements without losing the mortgage's original priority position
- Permits interest rate changes (switching between fixed and adjustable rates, changing indexes) as long as the modification does not increase the rate as calculated on the effective date
- Specifies that mortgage priority is retained regardless of whether the modification is recorded with the county clerk
- Excludes from coverage modifications involving release or addition of property, changes to obligors, and assignment or transfer of mortgages
Legislative Description
Establishing the Uniform Mortgage Modification Act
Uniform Laws
Last Action
To Judiciary
3/25/2025
Committee Referrals
Judiciary3/25/2025
Judiciary2/12/2025
Full Bill Text
No bill text available