Relating to foreclosures of residential trust deeds; and declaring an emergency.
Catchline/Summary:
Prohibits beneficiary from requiring as condition of short sale, except in certain circumstances, that nonprofit entity that purchases property in short sale, or that purchases note from beneficiary, enter into agreement with beneficiary or grantor that limits or bars grantor from owning or occupying residential property after short sale or sale of note.Requires beneficiary under residential trust deed to request resolution conference with grantor for purposes of negotiating foreclosure avoidance measure, unless beneficiary is eligible to claim exemption from requirement. Specifies manner in which beneficiary must request resolution conference. Permits grantor to request resolution conference under certain circumstances.]
Specifies documents that beneficiary and grantor must provide and specifies procedure for and duties of beneficiary and grantor with respect to resolution conference.]
Requires beneficiary to obtain certificate of compliance after resolution conference in order to foreclose residential trust deed. Specifies conditions under which beneficiary may obtain certificate of compliance.]
Changes name of Foreclosure Avoidance Mediation Fund to Foreclosure Avoidance Fund and continuously appropriates moneys in fund to Attorney General for purposes of paying service provider to coordinate program to implement provisions of Act and paying related expenses.]
Requires beneficiary to send notice to grantor if beneficiary determines that grantor is not eligible for foreclosure avoidance measure or has not complied with terms of foreclosure avoidance measure.]
Becomes operative 91 days after effective date of Act.]
Prohibits beneficiary from requiring as condition of short sale, except in certain circumstances, that nonprofit entity that purchases property in short sale, or that purchases note from beneficiary, enter into agreement with beneficiary or grantor that limits or bars grantor from owning or occupying residential property after short sale or sale of note.
Specifies that certificate of compliance required to foreclose trust deed must be valid and unexpired at time notice of default is recorded.
Declares emergency, effective on passage.
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