H.R. 3566 (112th): Fairness in Foreclosures Act of 2011

Introduced:
Dec 06, 2011 (112th Congress, 2011–2013)
Sponsor:
Rep. Edolphus “Ed” Towns [D-NY10]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on December 6, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Dec 06, 2011
Referred to Committee Dec 06, 2011
Cosponsors
2 cosponsors (2D) (show)
Committees

House Judiciary

The committee chair determines whether a bill will move past the committee stage.

Full Title

To ensure uniformity and fairness in deficiency judgments arising from foreclosures on mortgages for single family homes.

Summary

No summaries available.

Text

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Last updated Dec 06, 2011.
9 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

12/6/2011--Introduced.
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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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