Official Summary

9/13/2012--Introduced.Foreclosure Accountability and Transparency Act - Prohibits commencement of a foreclosure action with respect to a federally related residential mortgage loan secured by a first or subordinate lien unless the person commencing the foreclosure complies with specified r

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Official Summary

9/13/2012--Introduced.Foreclosure Accountability and Transparency Act - Prohibits commencement of a foreclosure action with respect to a federally related residential mortgage loan secured by a first or subordinate lien unless the person commencing the foreclosure complies with specified requirements pertaining to borrower:
(1) notification,
(2) assistance obtained from a Department of Housing and Urban Development (HUD)-approved housing counseling agency, and
(3) application for loan modification or commencement of an alternative to foreclosure. Makes a violation of this Act a bar to a foreclosure action. Requires the person who commenced a foreclosure action, at the completion of such action, to certify that all federal, state, and local laws and regulations were followed and submit all applicable documentation in connection with such action to:
(1) the borrower who was a party to the foreclosure action,
(2) the recorder's office in the muncipality where the property securing the loan in connection with the covered residential mortgage is located, and
(3) the Secretary of HUD.

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