Bill Type
Congress Name
Long Title
AN ACT GRANTING AN OWNER OR MORTGAGOR OF A FORECLOSED PROPERTY THE RIGHT TO BUY BACK THE PROPERTY FORECLOSED FIVE (5) YEARS FROM DATE OF FORECLOSURE AND PROVIDING PENALTIES THEREFOR
Date filed
May 7, 1999
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. HB07475 | |
| FULL TITLE : AN ACT GRANTING AN OWNER OR MORTGAGOR OF A FORECLOSED PROPERTY THE RIGHT TO BUY BACK THE PROPERTY FORECLOSED FIVE (5) YEARS FROM DATE OF FORECLOSURE AND PROVIDING PENALTIES THEREFOR | |
| ABSTRACT : The bill seeks to give adequate protection to onwer/mortgagor of residential properties, who would be financially incapable of paying their mortgage debt during the redemption period due to financial difficulties, but who would otherwise be capableto raise the necessary funds to recover ownership of their residential house and lot after a reasonable period from the date of foreclosure of the mortgage. | |
| PRINCIPAL AUTHOR/S : MONFORT, NARCISO D. | |
| DATE FILED : 1999-05-07 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. | 2. |
| 3. | |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 1999-05-13 |
Abstract
The bill seeks to give adequate protection to onwer/mortgagor of residential properties, who would be financially incapable of paying their mortgage debt during the redemption period due to financial difficulties, but who would otherwise be capableto raise the necessary funds to recover ownership of their residential house and lot after a reasonable period from the date of foreclosure of the mortgage.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.