A 3465
Clarifies exceptions regarding certain requirements for person seeking to be made party in certain foreclosure actions.
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- Passed Senate
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- Became Law
Bill overview
This bill clarifies exceptions allowing individuals to become parties in foreclosure actions when they acquired an interest in property for less than fair market value. Specifically, it expands the existing rules to include situations where a transferor provides a written certification of a licensed real estate appraisal confirming the fair market value, or where the transferor knowingly and voluntarily consents to a sale for less than that value. This change aims to provide greater access to foreclosure proceedings for those who purchased property at a reduced price.
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