Bill Summary for H 960 (2011-2012)

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Bill: PROTECT HOMEOWNERS WITH UNDERWATER MORTGAGES.

Summary date: 

Jun 6 2012

Bill Information:

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.

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Bill 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.