A bill to amend the Consumer Credit Protection Act to prohibit certain practices in the case of second mortgages which secure residential real property.

Summary

Amends the Consumer Credit Protection Act to: (1) allow the mortgagor of a second mortgage to pay all or part of the unpaid balance ahead of schedule without penalty; (2) require a judicial hearing to determine whether a default has occurred before sale, foreclosure, or seizure of real property for nonpayment of any payment due under any second mortgage; (3) prohibit the extension of credit in the form of a second mortgage to a prospective mortgagor whose projected income is not sufficient to meet the payments of the second mortgage; (4) prohibit harassment of a mortgagor of the second mortgage by the mortgagee or person employed by the mortgagee in connection with collection of any payment; (5) entitle a mortgagor of a second mortgage to specified remedies for violations of this Act; and (6) prohibit a real estate broker who has arranged a second mortgage to acquire such property at a foreclosure sale.

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Documents

1 official file

• Introduced in House

  summary · EN · 17 February 1977

  Open at official source

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