|Posted:||January 30, 2019 11:17 AM|
|From:||Representative Francis X. Ryan|
|To:||All House members|
|Subject:||LEGISLATION: Mortgage Foreclosure Appraisal Requirements|
|In the near future, I intend to re-introduce legislation (former HB2548) which will protect the value of residential real property for homeowners who face the possibility of losing their homes to a judicial sale or sheriff sale.
My legislation will require any owner-occupied residential home that is subject to foreclosure to be appraised prior to its final disposition at a judicial sale or sheriff sale. The appraisal must be conducted by a real estate appraiser that is licensed or certified by the Pennsylvania State Board of Certified Real Estate Appraisers.
The final sale price of the property subject to a sheriff sale or judicial sale must exceed eighty percent of the appraised value of property as determined by the appraisal. If the final sale price of the property subject to a sheriff sale judicial sale does not exceed eighty percent of the appraised value of the property, my legislation outlines additional steps that will provide for the final disposition of the property.
I hope you will join me in cosponsoring this important homeowner protection legislation.
Introduced as HB612