Bill Text: NH HB585 | 2019 | Regular Session | Introduced

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Bill Title: Relative to the procedure for mortgage foreclosure.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2019-03-19 - Inexpedient to Legislate: Motion Adopted Voice Vote 03/19/2019 House Journal 10 P. 11 [HB585 Detail]

Download: New_Hampshire-2019-HB585-Introduced.html

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HB 585 - AS INTRODUCED

 

 

2019 SESSION

19-0600

05/10

 

HOUSE BILL 585

 

AN ACT relative to the procedure for mortgage foreclosure.

 

SPONSORS: Rep. Plumer, Belk. 6; Rep. Viens, Belk. 1

 

COMMITTEE: Commerce and Consumer Affairs

 

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ANALYSIS

 

This bill provides that if there is a first priority lien on a property, subrogation of the lien shall be required before a mortgagee may foreclose on the property.

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

19-0600

05/10

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Nineteen

 

AN ACT relative to the procedure for mortgage foreclosure.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  Mortgage Foreclosure; Return; Effect; Subrogation.  Amend RSA 479:26, III to read as follows:

III.  Title to the foreclosed premises shall not pass to the purchaser until the time of the recording of the deed and affidavit.  Upon such recording, title to the premises shall pass to the purchaser free and clear of all interests and encumbrances which do not have priority over such mortgage.  If there is an existing first priority encumbrance in place and recorded, and the legal remedy of subrogation was required in order for a mortgagee to be deemed entitled to foreclose, such legal relief must have been sought prior to any attempts to enforce the lien through foreclosure.  Otherwise, the foreclosure sale shall be void.  In the event that the purchaser shall not pay the balance of the purchase price according to the terms of the sale, and at the option of the mortgagee, the down payment, if any, shall be forfeited and the foreclosure sale shall be void.

2  Effective Date.  This act shall take effect 90 days after its passage.