An Act To Protect Veterans Returning from Active Duty from Losing Their Homes
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 14 MRSA §6111, sub-§3-A, as enacted by PL 2009, c. 402, §12, is amended to read:
3-A. Information; Bureau of Consumer Credit Protection. Within 3 days of providing written notice to the mortgagor as required by subsections 1 and , 1-A and 6, the mortgagee shall file with the Department of Professional and Financial Regulation, Bureau of Consumer Credit Protection, in electronic format as designated by the Bureau of Consumer Credit Protection, information including:
A. The name and address of the mortgagor and the date the written notice required by subsections 1 and , 1-A and 6 was mailed to the mortgagor and the address to which the notice was sent;
B. The address, telephone number and other contact information for persons having authority to modify a mortgage loan with the mortgagor to avoid foreclosure, including, but not limited to, the mortgagee, the mortgage servicer and an agent of the mortgagee; and
C. Other information, as permitted by state and federal law, requested of the mortgagor by the Bureau of Consumer Credit Protection.
Sec. 2. 14 MRSA §6111, sub-§6 is enacted to read:
6. Extended notice for veterans; payment. Notwithstanding subsection 1, with respect to mortgages upon residential property located in this State when the mortgagor is a veteran of the United States Armed Forces or the Reserves of the United States Armed Forces who was on active duty during the previous 12 months and is occupying all or a portion of the property as the mortgagor's primary residence and the mortgage secures a loan for personal, family or household use, the mortgagee may not accelerate maturity of the unpaid balance of the obligation or otherwise enforce the mortgage because of a default consisting of the mortgagor's failure to make any required payment, tax payment or insurance premium payment, by any method authorized by this chapter, until at least 6 months after the date that written notice pursuant to subsection 1-A is given by the mortgagee to the mortgagor and any cosigner against whom the mortgagee is enforcing the obligation secured by the mortgage at the last known addresses of the mortgagor and any cosigner that the mortgagor has the right to cure the default by full payment of all amounts that are due without acceleration, including reasonable interest and late charges specified in the mortgage or note as well as reasonable attorney's fees. If the mortgagor tenders payment of the amounts before the date specified in the notice, the mortgagor is restored to all rights under the mortgage deed as though the default had not occurred.
summary
This bill extends the time period for a right to cure a mortgage default from 35 days to 6 months for a veteran who served on active duty during the previous 12 months.