2010 House Bill 6423

Limit foreclosure if lender refuses subsidy program

Introduced in the House

Sept. 8, 2010

Introduced by Rep. Bert Johnson (D-5)

To prohibit a lender mortgage holder from foreclosing on a mortgage using the foreclosure by advertisement method if the mortgage holder does not participate in a government “help for hardest hit” program that subsidizes certain homeowners with mortgages larger than they can afford. Judicial foreclosure proceedings could still be undertaken, which are more costly and time consuming than foreclosure-by-advertisement.

Referred to the Committee on Banking and Financial Services