H.R. 5553: Preventing Improper Foreclosures Act of 2014

113th Congress · introduced 2014-09-18 · Housing and Community Development · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

Where it came from: introduced 2014-09-18 · official record
Who proposed it: Rep. Beatty, Joyce [D-OH-3] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the House Committee on Financial Services. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Preventing Improper Foreclosures Act of 2014

Plain summary

Preventing Improper Foreclosures Act of 2014 - Amends the Garn-St Germain Depository Institutions Act of 1982 with respect to the prohibition against exercise of a due-on-sale contract requirement upon certain transfers of property subject to a real property loan. Requires the lender, in the case of such a transfer, to provide the successor homeowner with information about the mortgage loan, including the availability of loan modification options. Requires a lender, with respect to any such transfer not involving a reverse mortgage, to: (1) evaluate the successor homeowner promptly for a loan modification on the same terms as if the successor homeowner had been the original borrower and mortgagor, and (2) perform this evaluation and offer any available loss mitigation before any assumption by the successor homeowner of the obligations under the note. Allows the failure of a lender to comply with such requirements to be asserted as a defense to any judicial or non-judicial foreclosure. Entitles the homeowner to recover statutory damages not to exceed $1,000 per violation, actual damages, costs, and attorney's fees in any successful action the homeowner brings. Amends the National Housing Act with respect to insurance of home equity conversion mortgages (reverse mortgages) for elderly homeowners. Prohibits the Secretary of Housing and Urban Development (HUD) from insuring a reverse mortgage unless the mortgage provides that the maturity of the loan obligation (currently, the homeowner's obligation to satisfy the loan obligation) is deferred until the death of the homeowner (as under current law) and the homeowner's spouse or the permanent relocation of the homeowner and homeowner's spouse, in addition to sale of the home or other occurrences specified by the Secretary as under current law. Adds new sales terms for a reverse mortgage to be eligible for insurance. Denies any liability of the mortgagor (as under current law) or the mortgagor's estate or the heirs for any difference between the amount of indebtedness under the mortgage and the amount recovered by the mortgagee from the net sales proceeds or the insurance benefits paid. Requires a reverse mortgage, to be eligible for mortgage insurance, to allow: (1) sale of the dwelling subject to the mortgage for at least the lesser of the remaining mortgage balance or the dwelling's appraised value (or 5% less than the dwelling's appraised value, if the loan is due and payable); and (2) satisfaction of the loan obligation by the mortgagor's estate or heirs, upon the mortgagor's death, for the lesser of the remaining mortgage balance or 5% less than the appraised value.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

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What does this mean? (plain words)

Official text

Preventing Improper Foreclosures Act of 2014

Source: Congressional Research Service summary (Introduced in House)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Beatty, Joyce [D-OH-3] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Sponsor's campaign money: Rep. Beatty, Joyce [D-OH-3] reported raising $1.5 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Appraisal: An estimate of what property is worth. In Texas, county appraisal districts set the value that property taxes are based on.
Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
Statute: A written law passed by a legislature. A statute can be changed by a later law; changing a constitution needs an amendment.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-113hr5553.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/113/hr>

Record fed-us-cong113-hr5553 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113