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For Foreclosure Laws you have three options... 1. Summary: Click on the State map below and receive a Summary of the law; or 2. Restrictions: For states with laws restricting the purchase of properties in foreclosure Click Here, or 3. Full Law: Select the state for the full detail of the actual law Click Here All links provided will take you to the appropriate website in a new window - to return to this page close the new window.
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For state foreclosure law summary Click on the state below
For the full state foreclosure law
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States with Laws Restricting Purchase of Properties in Foreclosure
The links provided below are are intended to serve as a resource to assist in finding legislation which might be relevant to conducting your real estate investing business in states having passed laws or are considering enacting legislation to restrict purchasing properties during the foreclosure process. StreetSmartInvestor.com does not maintain the sites listed below and as such has no responsibility for the accuracy, content and current status of any information provided therein. Please Note: The locations of these materials can change without notice.
States with Active Laws
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California
California Civil Code § 1695.0 -.17 and California Civil Code § 2945.0 -.11 -
Colorado
6-1-1103. Definitions
6-1-1104. Foreclosure consulting contract
6-1-1105. Right of cancellation
6-1-1107. Prohibited acts
6-1-1109. Unconscionability
6-1-1110. Language -
District of Columbia
DC Official Code § 42-2431; § 42-2432 Prohibited foreclosure transactions and practices;
§ 42-2433; and § 42-2434 -
Florida
Chapter 501 Section 1377 -
Georgia
O. C. G. A. § 10-1-393 (b)(20)(A)-(D) -
Hawaii
House Bill 2326 regulates distressed property purchasers and distressed property consultants -
Idaho
Title 45 Chapter 16 -
Indiana
Title 24 Article 5.5 Chapter 4; Chapter 5; and Chapter 6 -
Maine
LD 2189 regulates Foreclosure Purchasers which is defined as a person acting as the acquirer in a foreclosure reconveyance -
Maryland
Maryland Real Property Code Ann. § 7-301-321 [To view the next paragraph scroll to the bottom of page and click next doc ► ], and
Title 7, Subtitle 3 of the Real Property Article the Protection of Homeowners in Foreclosure Act; regulates Foreclosure Consultants, Foreclosure Purchasers and Foreclosure Reconveyance -
Massachusetts
Massachusetts Attorney General permanently enacted emergency regulations that prohibit certain foreclosure transactions and create limitations on certain foreclosure related services -
Minnesota
Minnesota Statutes Ann. § 325N.01-.18 -
Missouri
Missouri. Ann. Statutes §407.935; ?407.936; §407.937; §407.938; §407.939; §407.940; §407.941; §407.942; and §407.943 [To view the entire statute, click on each section number - you must view each section separately] -
Nevada
Title 645F.300 to 645F.450 -
New Hampshire
Chapter 479-B -
New York
Real Property (RPP) Article 8.265 through 265-B [click on "RPP Real Property" then "Article 8? and scroll down to 265] -
Oregon
House Bill 3630 amends ORS 646.607 and 646.608 to regulate Foreclosure Consultants and Equity Purchasers who reconvey the property to the foreclosed upon owner [the ORS were not revised as of this revision date] -
Rhode Island
CHAPTER 5-20.8 - Real Estate Sales Disclosures,
Chapter 5-79-1 through 5-79-9 Foreclosure Consultants, and
Chapter 5-80-1 through 5-80-9 Foreclosure Purchasers -
Virginia
Title 59.1-200.1 -
Washington
RCW 59.18.030 and
RCW 61.34
States With Pending Foreclosure Legislation Note: Section Under Construction
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Arizona
House Bill 2648
Senate Bill 1349
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California
Assembly Bill 1356 updates California Civil Code 1695.17 which deals with representatives of Equity Purchasers Assembly Bill 180 updates California Civil Code which deals with Foreclosure Consultants -
Connecticut
House Bill 5553 would prohibit for-profit foreclosure rescue transactions and related marketing -
Georgia
House Bill 1438
Senate Bill 527 -
Delaware
Senate Bill 252 passed both houses on July 1, 2008 and is currently awaiting action by the Governor -
Illinois
House Bill 5895 would require ?mortgage foreclosure consultants? to become licensed -
New Jersey
Identical bills Assembly Bill 281 and Senate Bill 1265 -
New York
Assembly Bill 3087
Senate Bill 5188 -
Tennessee
House Bill 2218 (Senate Bill 1763) awaiting Governor's signature 05/04/09
From the chart below select the State for the full detail of the actual foreclosure law. Please note that some links go directly to the law while others require you to click to access and/or accept their terms... see special notes following a link for state specific instructions.
Please contact us with any updated information, ideas, problems or suggestions you might have.
© 2009-2012 Trust Associates - All Rights Reserved
4426-B Hugh Howell Road, Suite 200
Tucker, GA 30084
Phone: 800-578-8580
StreetSmartInvestor.com
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Arizona - Article 2 Foreclosure
33-721 Foreclosure of mortgage by court action
33-722 Election between action on debt or to foreclose
33-723 Right of junior lien holder upon foreclosure action by senior lien holder
33-724 State as party to foreclosure actions
33-725 Judgment of foreclosure; contents; sale of property; resale
33-726 Redemption of property by payment to officer directed under foreclosure judgment to sell the property
33-727 Sale under execution; deficiency; order of liens; writ of possession
33-728 Recording upon record that mortgage is foreclosed and judgment satisfied; effect
33-729 Purchase money mortgage; limitation on liability
33-730 Limitation on deficiency judgment on mortgage or deed of trust as collateral for consumer goods
Chapter 49 Enforcement of Mortgages, Deeds of Trust, and Vendors' Liens
18-49-101 Limitation of actions
18-49-102 Defense of payment or setoff
18-49-104 Sale of property under court order and publication of notice of sales
18-49-105 Proceeds of sale insufficient
18-49-106 Redemption of real property
Chapter 50 Statutory Foreclosures
18-50-102 Qualifications of trustee ? Appointment of successor trustee
18-50-103 Conditions to exercise of power
18-50-104 Contents of notice ? Persons to receive notice
18-50-105 Publication of notice
18-50-109 Disposition of proceeds of sale
18-50-111 Form and effect of trustee's or mortgagee's deed
18-50-114 Reinstatement of mortgage or deed of trust
18-50-115 Implied powers in mortgages
18-50-116 Miscellaneous provisions
18-50-117 Foreign corporations and other entities
38-38-101. Holder of evidence of debt may elect to foreclose
38-38-102. Recording notice of election and demand - record of sale
38-38-102.5. Notice prior to residential foreclosure - hotline
38-38-103. Combined notice - publication - providing information
38-38-104. Right to cure when default is nonpayment - right to cure for certain technical defaults
38-38-105. Court order authorizing sale mandatory
38-38-106. Bid required - form of bid
38-38-107. Fees and costs - definitions
38-38-109. Continuance of sale - effect of bankruptcy - withdrawal of sale
38-38-110. Sales by officer - location - announcement - records
38-38-111. Treatment of excess proceeds
38-38-112. Use of electronic documents authorized
38-38-113. Rescission of public trustee sale
38-38-114. Unclaimed refunds - disposition under "Unclaimed Property Act"
Delaware - Title 10 Part III Chapter 49 Subchapter XI
§ 5061. Occasion for suing out writ; parties and notice
§ 5062. Land divided by county line; venue of action
§ 5064. Award of levari facias when county line divides land
§ 5065. Procedure after award of levari facias
§ 5067. Disposition of surplus from sale proceeds
Georgia - O. C. G. A. Title 44 Chapter 14
§ 44-14-160. Recording of foreclosure and deed under power; notations of sale in records
§ 44-14-161. Sales made on foreclosure under power of sale -- When deficiency judgment allowed; confirmation and...
§ 44-14-162. Sales made on foreclosure under power of sale -- Manner of advertisement and conduct necessary for...
§ 44-14-162.1. Sales made on foreclosure under power of sale -- Mailing of notice to debtor -- "Debtor" defined
§ 44-14-162.2. Sales made on foreclosure under power of sale -- Mailing or delivery of notice to debtor -- Procedure
§ 44-14-162.3. Sales made on foreclosure under power of sale -- Mailing of notice to debtor -- Applicability of...
§ 44-14-162.4. Sales made on foreclosure under power of sale -- Mailing of notice to debtor -- Recitals in deeds...
§ 44-14-163. Vacation of certain judgments prior to sale -- Jurisdiction, power, and authority
§ 44-14-164. Vacation of certain judgments prior to sale -- Cancellation of execution; invalidation of deed made...
§ 44-14-165. Vacation of certain judgments prior to sale -- Effect
PART 2. FORECLOSURE ON MORTGAGES
§ 44-14-180. Manner of foreclosing; petition; rule; venue
§ 44-14-181. Proceedings by personal representative when mortgagee deceased
§ 44-14-182. Foreclosure by transferee
§ 44-14-183. Proceedings against personal representative when mortgagor deceased
§ 44-14-184. Defense against foreclosure; verification
§ 44-14-185. Defenses by third persons; right of purchaser not party to foreclosure to go behind judgment
§ 44-14-187. Judgment; sale of mortgaged property
§ 44-14-188. Effect of judgment on one purchasing during pendency of proceedings
§ 44-14-189. Rights of purchaser at void or irregular sale
§ 44-14-190. Disposition of proceeds
§ 44-14-191. Treatment of proceeds of sale when debt due in installments
PART 3. FORECLOSURE OF DEEDS TO SECURE DEBT, PURCHASE CONTRACTS, AND BONDS FOR TITLE
§ 44-14-210. Execution and recordation of quitclaim deed following judgment; levy and sale; disposition of...
§ 44-14-211. Attachment against grantor in deed to realty to secure debt; execution and recordation of quitclaim
TITLE XV JUDICIAL BRANCH AND JUDICIAL PROCEDURES - SUBTITLE 5 SPECIAL ACTIONS
ALTERNATIVE PROCEDURES
654.18 Alternative nonjudicial voluntary foreclosure procedure.
§ 11-5-93. Sales of realty under decrees
§ 11-5-95. Court may fix terms of sale
§ 11-5-97. Lien on land sold on credit
§ 11-5-99. Hour and adjournment of sales
§ 11-5-101. Person making sale not to purchase
§ 11-5-103. Report of sale of land
§ 15-1-19. Limitations applicable to suits to redeem mortgage or deed of trust
§ 15-1-21. Actions on mortgages, deeds of trust, and statutory liens to be brought within time allowed for action upon writing in which debt is specified
48-7-7. Sale of real property under power of sale
48-10-5. Description of trust real estate; mailing address of trustor, beneficiary and trustee
48-10-6. Trustee of deed of trust; qualification
48-10-7. Appointment of successor trustee by beneficiary
48-10-8. Deed of trust as security
48-10-9. Grants in trust of real estate; uses
48-10-10. Sale of trust real estate; power of trustee; foreclosure of deed of trust
48-10-11. Notice of trustee's sale
48-10-12. Request for copies of notice of sale; mailing by trustee or beneficiary
48-10-13. Sale by public auction; postponement of sale
48-10-14. Payment of bid; trustee's deed
48-10-15. Disposition of proceeds of sale
48-10-19. Limitation on action or sale of trust real estate
48-10-20. Notice from instruments recorded; assignment of a beneficial interest
48-10-21. Liberal interpretation
Pa. R.C.P. 1141-1164 (Actions to Foreclose a Mortgage) [click "NEXT" at the top of page to go to next section]
Pa. R.C.P. 3180-3183 (Judgments in Mortgage Foreclosure) [click "NEXT" at the top of page to go to next section]
Pa. R.C.P. 8103 et. seq. (Deficiency Judgments) [click "NEXT" at the top of page to go to next section]
Loan Interest & Protection Law, 41 P.S. ?101 et. seq. (Act 6)
Homeowners Emergency Assistance Act, 35 P.S. ? 1680.401 et. seq. (Act 91)
Laws Limiting Dealing with Properties in Foreclosure
Georgia
O.C.G.A. ? 10-1-393 (b)(20)
(A) Representing that moneys provided to or on behalf of a debtor, as defined in Code Section 44-14-162.1 in connection with property used as a dwelling place by said debtor, are a loan if in fact they are used to purchase said property and any such misrepresentation upon which is based the execution of a quitclaim deed or warranty deed by that debtor shall authorize that debtor to bring an action to reform such deed into a deed to secure debt in addition to any other right such debtor may have to cancel the deed pursuant to Code Section 23-2-2, 23-2-60, or any other applicable provision of law.
(B) Advertising to assist
debtors whose loan for property the debtors use as a dwelling place
is in default with intent not to assist them as advertised or making
false or misleading representations to such a debtor about assisting
the debtor in connection with said property.
(C) Failing to comply with the following provisions in connection
with the purchase of property used as a dwelling place by a debtor
whose loan for said property is in default and who remains in
possession of this property after said purchase:
(i) A written contract shall be employed by the buyer which shall summarize and incorporate the entire agreement between the parties, a fully completed copy of which shall be furnished to the debtor at the time of its execution. Said contract shall show the date of the transaction and the name and address of the parties; shall state, in plain and bold language, that the subject transaction is a sale; and shall indicate the amount of cash proceeds and the amount of any other financial benefits that the debtor will receive;
(ii) This contract shall contain a statement in boldface type which complies substantially with the following:
"The provisions of this agreement have been fully explained to me. I understand that under this agreement I am selling my house to the other undersigned party."
This statement shall be signed by the debtor and the buyer;
(iii) If a lease or rental agreement is executed in connection with said sale, it shall set forth the amount of monthly rent and shall state, in plain and bold language, that the debtor may be evicted for failure to pay said rent. Should an option to purchase be included in this lease, it shall state, in plain and bold language, the conditions that must be fulfilled in order to exercise it; and
(iv) The buyer shall furnish to the seller at
the time of closing a notice to the seller allowing the seller ten
days to cancel the purchase. This right to cancel shall not limit or
otherwise affect the seller's right to cancel pursuant to Code
Section 23-2-2, 23-2-60, or any other applicable provision of law.
The notice shall serve as the cover sheet to the closing documents.
It shall be on a separate sheet of paper with no other written or
pictorial material, in at least ten-point boldface type, double
spaced, and shall read as follows:
"Notice to the Seller
Please read this form completely and carefully. It contains valuable cancellation rights.
The seller or sellers may cancel this transaction at any time prior to 5:00 P.M. of the tenth day following receipt of this notice.
This cancellation right cannot be waived in any manner by the seller or sellers.
Any money paid to the seller or sellers must be returned by the seller within 30 days of cancellation.
To cancel, sign this form, and return it to the buyer by 5:00 P.M. of the tenth day following the transaction. It is best to mail it by certified mail or statutory overnight delivery, return receipt requested, and to keep a photocopy of the signed form and your post office receipt.
Buyer's Name
Address to which cancellation is to be returned
I (we) hereby cancel this transaction.
Seller's Signature
Seller's Signature
Date
Printed Name(s) of Seller(s)
Street Address
City, State, ZIP Code"
(D) The provisions of subparagraph (C) of this paragraph shall only apply where all three of the following conditions are present:
(i) A loan on the property used as a dwelling place is in default;
(ii) The debtor transfers the title to the property by quitclaim deed, limited warranty deed, or general warranty deed; and
(iii) The debtor remains in possession of the property under a lease or as a tenant at will;
© 2009-2015 Trust Associates - All Rights Reserved
4426-B Hugh Howell Road, Suite 200
Tucker, GA 30084
Phone: 800-578-8580
StreetSmartInvestor.com
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