HB 2313 -- Mortgage Disclosures

Sponsor:  Gray

This bill requires a mortgage company or its loan servicing
agents to fully disclose the terms of any notes or deeds of trust
to any and all persons having a recorded interest in a real
property within 30 days of a request or not less than 30 days
prior to the start of any foreclosure proceedings.  If a mortgage
is in default, anyone having a recorded interest will have 30
days to satisfy the default regardless of who is liable on the
loan.

Any authorized lender making a reverse mortgage loan must allow
for the repayment of the loan after the death of the person who
entered into the loan.  The lender must disclose the terms of the
loan to any heirs of the real property within 30 days of a
request or not less than 30 days prior to the start of any
foreclosure proceedings and allow for a repayment period of at
least 15 years charging interest at the average rate on mortgage
loans in effect as of the date of death.  The heir must be named
in a will or in letters of administration as heirs or must file
an affidavit of death with the recorder of deeds identifying
himself or herself as an heir to entitle him or her to obtain the
loan information.  Any personal representative must be named in a
will or appointed by the probate court.

Missouri House of Representatives
95th General Assembly, 2nd Regular Session
Last Updated September 14, 2010 at 3:13 pm