Relating to residual debts following short sales of residential property; and declaring an emergency.
Catchline/Summary:
Prohibits lender or assignee of lender from bringing action or otherwise seeking payment for residual debt following short sale if lender reports to Internal Revenue Service that, for specified reasons, lender has canceled all or portion of borrower's debt under real estate loan agreement and if lender provides to borrower written evidence of report.Directs lender that requires or consents to short sale of residential property to offer option to borrower to pay residual debt in amount or at discount at which lender sells or assigns residual debt to third party for collection. Specifies conditions for offer and acceptance of offer. Requires amount or discount in offer to be comparable to amount or discount common in market for similar debt.]
Provides that violation of provisions of Act is unlawful practice enforceable with private action.]
Prohibits lender or assignee of lender from bringing action or otherwise seeking payment for residual debt following short sale if lender reports to Internal Revenue Service that, for specified reasons, lender has canceled all or portion of borrower's debt under real estate loan agreement and if lender provides to borrower written evidence of report.
Declares emergency, effective on passage.
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