Prohibits mortgage bankers and servicers from foreclosing on loans secured by fraudulent deeds.
The "deed protection act" prohibits mortgage bankers and mortgage loan servicers from initiating, continuing, or pursuing foreclosure actions on mortgage loans if they know or should know that the mortgage is based on a fraudulent deed, conveyance, or title instrument. This protection applies to residential real property where the title was obtained through fraud, forgery, or other unlawful means. A violation of this act is considered a violation of the banking law.
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