Committee advances Uniform Mortgage Modification Act (SB 5831) with due-pass recommendation The Consumer Protection and Business Committee reported Senate Bill 5,831 out of committee with a due-pass recommendation after members said the uniform mortgage-modification safe-harbors would protect both borrowers and lien priorities. Staff described 'safe harbors' for specified modification types and the committee recorded 14 ayes and one excused.

The Consumer Protection and Business Committee just advanced a groundbreaking bill that promises to protect both borrowers and lenders in mortgage modifications.

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Senate committee hears SB 5,831 to adopt Uniform Mortgage Modification Act for clearer mortgage-priority rules Staff briefed and an outside counsel testified in favor of SB 5,831, which would enact the Uniform Mortgage Modification Act to define safe-harbor mortgage modifications that preserve lien priority in foreclosure; committee members asked whether the bill preempts existing mortgage law.

A new bill could revolutionize mortgage modifications by ensuring homeowners can make changes without losing their lien priority in foreclosures!

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