SB 161
Uniform Mortgage Modification Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
Senate Bill 161 establishes the Uniform Mortgage Modification Act in West Virginia. This act aims to standardize how mortgage modifications are handled across the state, providing a framework for changes to existing mortgage agreements. It clarifies definitions related to mortgages and modifications, outlines specific types of modifications that are covered, and emphasizes the importance of maintaining the original priority of the mortgage lien. The act is effective on or after its enactment date.
Key provisions
- Defines key terms related to mortgages and mortgage modifications, including ‘mortgage,’ ‘mortgage modification,’ ‘obligor,’ and ‘obligation.’
- Specifies types of mortgage modifications covered by the act, such as interest rate adjustments, maturity date extensions, and forgiveness of debt.
- Ensures that mortgage modifications do not alter the priority of the mortgage lien against the property.
- Requires courts to consider uniformity when applying and interpreting the act.
- Limits the act’s impact on certain existing laws related to mortgages and recording.
- States that the act applies only to modifications made on or after the bill’s effective date.
- Clarifies that the act does not apply to releases or additions to property encumbered by a mortgage.
- Addresses electronic signatures and their relation to the Global and National Commerce Act.
Who is affected
- Homeowners with mortgages
- Lenders and mortgage servicers
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