Sec. 3. Definitions
349 words·~2 min read·
/bill/113/hr/190/ih/section-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For purposes of this Act, the following definitions shall apply: The term independent party means, with respect to foreclosure on a covered residential mortgage, an individual who has no interest in, or affiliation with, any party involved in such foreclosure or with the covered residential mortgage involved in such foreclosure, including any party that owns, manages, controls, or directs such an involved party, any party that is owned, managed, controlled, or directed by such an involved party, or any party that is under common ownership, management, control, or direction with such an involved party.
The term covered residential mortgage means a mortgage that meets the following requirements: The property securing the obligation under the mortgage shall be a one- to four-family dwelling, including a condominium or a share in a cooperative ownership housing association. The mortgagor under the mortgage shall occupy the property securing the obligation under the mortgage as his or her principal residence. The term mortgage means a deed of trust, mortgage, deed to secure debt, security agreement, or any other form of instrument under which any property (real, personal, or mixed), or any interest in property (including leaseholds, life estates, reversionary interests, and any other estates under applicable State law), is conveyed in trust, mortgaged, encumbered, pledged, or otherwise rendered subject to a lien for the purpose of securing the payment of money or the performance of an obligation.
Such term includes a first mortgage given to secure— the unpaid purchase price of a fee interest in, or a long-term leasehold interest in, a one-family unit in a multifamily project, including a project in which the dwelling units are attached or are manufactured housing units, semi-detached, or detached, and an undivided interest in the common areas and facilities that serve the project; or repayment of a loan made to finance the purchase of stock or membership in a cooperative housing corporation the permanent occupancy of dwelling units of which is restricted to members of such corporation, where the purchase of such stock or membership entitles the purchaser to the permanent occupancy of one of such units.