PROTECT HOMEOWNERS WITH UNDERWATER MORTGAGES.

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View NCGA Bill Details2011-2012 Session
House Bill 960 (Public) Filed Wednesday, May 16, 2012
TO ENSURE PAYMENT OF JUST COMPENSATION TO PROPERTY OWNERS WITH MORTGAGE DEBT EXCEEDING THE FAIR MARKET VALUE OF THE PROPERTY BY AUTHORIZING THE CONSIDERATION OF OUTSTANDING MORTGAGE DEBT WHEN DETERMINING DAMAGES IN A CONDEMNATION ACTION, AS RECOMMENDED BY THE HOUSE SELECT COMMITTEE ON STATE OWNED ASSETS.
Intro. by Moffitt, Brawley.
Status: Ref To Com On Commerce (Senate Action) (Jun 7 2012)

Bill History:

H 960

Bill Summaries:

  • Bill H 960 (2011-2012)
    Summary date: Jun 6 2012 - View Summary

    House amendment makes the following changes to 1st edition, as amended. Amends GS 136-112 to provide that (b) (new provision concerning when condemned property has mortgage debt exceeding fair market value) applies to the condemnation of an owner’s principal residence.

    Banking and Finance, Property and Housing
  • Bill H 960 (2011-2012)
    Summary date: Jun 5 2012 - View Summary

    House amendment makes the following changes to 1st edition. Amends the definition of an eligible mortgage to include only a debt secured by a mortgage or deed of trust executed before July 1, 2008, that identifies the property being condemned as collateral (was, to obtain money for the purchase of the property being condemned).

    Banking and Finance, Property and Housing
  • Bill H 960 (2011-2012)
    Summary date: May 16 2012 - View Summary

    Amends GS 136-112 (measure of damages in condemnation action) to provide as title indicates. Permits the outstanding balance of an eligible mortgage, which must have been executed before July 1, 2008, to be added to the amount of damages. Requires the property owner to show that the property’s fair market value declined solely due to market decline. Expires July 1, 2014.

    Banking and Finance, Property and Housing
    GS 136
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