House Bill 579

AN ACT TO ESTABLISH, AS AN ALTERNATIVE TO ANY OTHER FORECLOSURE PROCEDURE AUTHORIZED BY LAW, PROCEDURES FOR THE FORECLOSURE OF MORTGAGES BY ADVERTISEMENT UNDER WHICH A BORROWER MUST BE GIVEN AN OPPORTUNITY TO MEET WITH A LENDER REGARDING MODIFICATION OF A MORTGAGE LOAN ON A PRINCIPAL RESIDENCE BEFORE FORECLOSURE PROCEEDINGS MAY BE BEGUN; TO PROHIBIT A PARTY FROM BEGINNING FORECLOSURE PROCEEDINGS BY ADVERTISEMENT IF THE PRESCRIBED PROCEDURES HAVE NOT BEEN FOLLOWED OR THE APPLICABLE TIME LIMITS HAVE NOT EXPIRED, OR IF THE PARTIES HAVE AGREED TO MODIFY THE LOAN AND THE BORROWER IS NOT IN DEFAULT; TO REQUIRE A FORECLOSING PARTY, BEFORE PROCEEDING WITH A FORECLOSURE SALE BY ADVERTISEMENT, TO MAIL TO THE BORROWER A WRITTEN NOTICE CONTAINING SPECIFIED INFORMATION, INCLUDING THE NAME OF A DESIGNATED CONTACT PERSON WHO WILL HAVE THE AUTHORITY TO MAKE MODIFICATION AGREEMENTS AND A LIST OF APPROVED HOUSING COUNSELORS; TO ALLOW THE BORROWER TO BRING AN ACTION TO ENJOIN THE FORECLOSURE IF THE REQUIRED NOTICE WAS NOT SERVED; TO REQUIRE THE BORROWER TO CONTACT A HOUSING COUNSELOR IF HE OR SHE WISHES TO WORK OUT A MODIFICATION, AND REQUIRE THE COUNSELOR TO SCHEDULE A MEETING WITH THE DESIGNATED CONTACT PERSON; TO PROVIDE THAT FORECLOSURE PROCEEDINGS MAY NOT BE BEGUN UNTIL 90 DAYS AFTER THE NOTICE WAS SENT, IF THE BORROWER REQUESTS A MEETING; TO REQUIRE THE BORROWER, THE DESIGNATED PERSON, OR THE HOUSING COUNSELOR TO CALCULATE A MODIFIED PAYMENT IF THE MEETING DOES NOT RESULT IN AN AGREEMENT; TO REQUIRE THE MISSISSIPPI HOME CORPORATION TO PREPARE A LIST OF APPROVED HOUSING COUNSELORS; TO AMEND SECTIONS 89-1-55 AND 89-1-57, MISSISSIPPI CODE OF 1972, TO CONFORM TO THE PROVISIONS OF THIS ACT; AND FOR RELATED PURPOSES.

In the House of Representatives

• Adrienne Wooten

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Jan 8 – Jan 30

1. Jan 8Referred to the House committee on Banking and Financial Services
2. Jan 30Died in committee in the House