|Posted:||February 8, 2018 09:36 AM|
|From:||Representative Francis X. Ryan|
|To:||All House members|
|Subject:||Legislation: APPRAISAL FORECLOSURE REQUIREMENTS|
|In the near future, I intend to introduce legislation which will require any home undergoing a foreclosure to be appraised prior to its final disposition at a judicial sale or sheriff sale.
Specifically, my legislation would require a residential mortgage lender to have the property which is the subject of a residential mortgage appraised by a real estate appraiser that is licensed or certified by the Pennsylvania State Board of Certified Real Estate Appraisers after the notice of intention to foreclose has been given.
Additionally, the final sale price of the property subject to a sheriff sale or other judicial sale must exceed ninety percent of the appraised value of property determined by the conducted appraisal. If the final sale price of the property subject to a sheriff sale or other judicial sale does not exceed ninety percent of the appraised value of the property the transaction cannot proceed.
I hope you will join me in cosponsoring this important legislation.
Introduced as HB2202