Fairness in Foreclosures Act of 2011

Summary

Fairness in Foreclosures Act of 2011 - Declares that no action for a deficiency judgment arising from an obligation under a residential mortgage may be brought except in accordance with this Act. Declares that no such deficiency judgment may be issued unless the court has determined that the foreclosure sale for the property securing repayment was conducted in accordance with specified requirements. Specifies a formula for determining the total amount a plaintiff may recover in such a deficiency judgment. Declares that no action for a deficiency judgment may be brought if the (nonrecourse) mortgage terms prohibit recovery after: (1) the residential property securing repayment of such obligation is sold at foreclosure sale, or (2) the mortgage is foreclosed in the manner provided under the law of the state in which the property is located. Declares that if the mortgagor is a member of a low-income family: (1) no action may be brought for a deficiency judgment; and (2) a deficiency in recovery, from a foreclosure sale, of the full amount of the mortgage obligation may not be reported to any consumer reporting agency or disclosed to any person other than the mortgagor or the mortgagor's personal representative, unless such disclosure is otherwise required by law.

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Timeline

1. 6 December 2011

   Introduced

   Referred to the House Committee on the Judiciary.

   Source: IntroReferral

2. 6 December 2011

   Introduced

   Introduced in House

   Source: IntroReferral

3. 6 December 2011

   Introduced

   Introduced in House

   Source: IntroReferral

4. 14 December 2011

   Referred

   Referred to the Subcommittee on Courts, Commercial and Administrative Law.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 6 December 2011 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 6 December 2011

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 6 December 2011

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 6 December 2011

  Open at official source

Sponsors

• Rep. Towns, Edolphus [D-NY-11] · D · Sponsor
• LUIS GUTIERREZ · D · Sponsor
• Karen Bass · D · Cosponsor
• · hsju00 · Standing

Related records

No cross-record relationships stored yet.