2011 Senate Bill 513

Authorize mortgage contract modifications

Introduced in the Senate

June 22, 2011

Introduced by Sen. Tupac Hunter (D-5)

To give state courts the power to modify the contractual terms of a mortgage on a one-to-four unit residential property in favor of the borrower and against the lender. Also, to prohibit any mortgage modification that would affect the rights of tenants.

Referred to the Committee on Banking and Financial Institutions