Vacant Homes Act of 2015

Summary: Vacant Homes Act of 2015 This bill provides the mortgage owner of a home in foreclosure who receives notice from the homeowner (or from the homeowner's designee) of a qualified offer to buy the home in a short sale 90 days after receiving the notice to respond to the homeowner and the person who made the offer. The same response time requirement shall apply to the owner of a foreclosed home (or a servicer acting on the owner's behalf) who receives a qualified offer to buy it. A response rejecting an offer shall be sufficient only if, among other things, it makes a counteroffer meeting specified criteria. Aggrieved homeowners or offerors may bring private civil actions for failure to receive a timely and adequate mandatory response. The Consumer Financial Protection Bureau may apply to the U.S. district court for the district in which a home in foreclosure or a foreclosed home is located for an order requiring either the mortgage owner of the home in foreclosure or the owner of the foreclosed home (or a servicer acting on the owner's behalf) to comply with the timely and adequate response requirements of this Act.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Vacant Homes Act of 2015''.

SEC. 2. PROMPT RESPONSE REQUIRED.

    (a) Before Foreclosure.--
            (1) 90 days provided to respond.--With respect to a home in 
        foreclosure, the mortgage owner of such home who receives 
        notice from the owner of such home (or from such owner's 
        designee) of a qualified offer to buy such home in a short sale 
        shall, no later than 90 days after receipt of such notice, 
        provide a response to--
                    (A) such homeowner; and
                    (B) the person who made such offer.
            (2) Certification required when owner in imminent 
        default.--If such home is a home in foreclosure only because 
        the owner is in imminent default on a loan secured by a 
        mortgage of such home, a communication from such owner (or 
        designee) to such mortgage owner does not constitute ``notice'' 
        under paragraph (1) unless such owner certifies in such notice 
        that he or she is in imminent default on such loan.
            (3) Contents of response.--A response described under 
        paragraph (1) shall--
                    (A) state that such mortgage owner accepts the 
                offer; or
                    (B) state that such mortgage owner rejects the 
                offer and adequately provide a reason for such 
                rejection.
            (4) Sufficient responses.--A response described under 
        paragraph (1) which states that such mortgage owner rejects the 
        offer adequately provides a reason for such rejection only if 
        it provides--
                    (A) a counteroffer stating--
                            (i) an alternative price at which the 
                        mortgage owner would approve the offer; and
                            (ii) an economic analysis demonstrating a 
                        reasonable expectation that, within the 1-year 
                        period following the 90-day period under 
                        subsection (a), the home's fair market value 
                        will likely be equal or greater than such 
                        alternative price;
                    (B) proof that the home's title is encumbered such 
                that the transfer of title proposed by the offer is 
                prohibited;
                    (C) proof that another mortgage owner of the home 
                prohibits its being the subject of a short sale; or
                    (D) proof that an enforceable contract between the 
                mortgage owner and another person prohibits the 
                mortgage owner from approving the offer.
    (b) After Foreclosure.--
            (1) 90 days provided to respond.--With respect to a 
        foreclosed home, the owner of such home (or a servicer acting 
        on behalf of the owner) who receives a qualified offer to buy 
        such home shall, no later than 90 days after receipt of such 
        offer, provide a response to the person who made such offer.
            (2) Contents of response.--A response described under 
        paragraph (1) shall--
                    (A) state that such owner or servicer accepts the 
                offer; or
                    (B) state that such owner or servicer rejects the 
                offer and adequately provide a reason for such 
                rejection.
            (3) Sufficient responses.--A response described under 
        paragraph (1) which states that such mortgage owner rejects the 
        offer adequately provides a reason for such rejection only if 
        it provides--
                    (A) a counteroffer stating--
                            (i) an alternative price at which the 
                        mortgage owner would approve the offer; and
                            (ii) an economic analysis demonstrating a 
                        reasonable expectation that, within the 1-year 
                        period following the 90-day period under 
                        subsection (a), the home's fair market value 
                        will likely be equal or greater than such 
                        alternative price; or
                    (B) proof that the home's title is encumbered such 
                that the transfer of title proposed by the offer is 
                prohibited.

SEC. 3. PRIVATE RIGHTS OF ACTION.

    (a) For Homeowners.--A homeowner who has provided a mortgage owner 
with notice of a qualified offer under section 2(a) and does not within 
90 days receive the response required thereunder may bring a civil 
action in the district court of the United States for the district in 
which such home is located against an entity required to provide such 
response.
    (b) For Offerors.--A person who has made a qualified offer to 
purchase a home in foreclosure or a foreclosed home and does not 
receive a response within the 90-day period applicable under section 
2(a) or 2(b) may bring a civil action in the district court of the 
United States for the district in which such home is located against an 
entity required to provide such response.
    (c) Relief.--The relief sought in a civil action under subsection 
(a) or (b) may include an order requiring the defendant to comply with 
section 2.

SEC. 4. AUTHORITY GRANTED TO THE BUREAU OF CONSUMER FINANCIAL 
              PROTECTION.

    (a) Enforcement Authority.--The Bureau of Consumer Financial 
Protection may apply to the district court of the United States for the 
district in which a home in foreclosure or a foreclosed home is located 
for an order requiring--
            (1) the mortgage owner of such home in foreclosure to 
        comply with section 2, and for such other relief as the court 
        may deem appropriate to carry out this Act; or
            (2) the owner of such foreclosed home (or a servicer acting 
        on behalf of such owner) to comply with section 2, and for such 
        other relief as the court may deem appropriate to carry out 
        this Act.
    (b) Rulemaking Authority.--The Bureau of Consumer Financial 
Protection shall have the power to make such rules as may be necessary 
or appropriate to carry out this Act.

SEC. 5. DEFINITIONS.

    As used in this Act:
     (a) Dwelling; Home.--The terms ``dwelling'' and ``home'' have the 
meaning given the term ``dwelling'' under section 103 of the Truth in 
Lending Act (15 U.S.C. 1602).
    (b) Foreclosed Home.--The term ``foreclosed home'' means a dwelling 
whose owner obtained such dwelling--
            (1) by reason of the acceptance by such owner (or by a 
        servicer acting on behalf of such owner) of a deed in lieu of 
        foreclosure on a mortgage of that dwelling; or
            (2) by reason of foreclosure on a mortgage of that dwelling 
        by such owner (or by a servicer acting on behalf of such 
        owner).
    (c) Home in Foreclosure.--The term ``home in foreclosure'' means a 
dwelling--
            (1) whose owner is in imminent default on a loan secured by 
        a mortgage of such dwelling;
            (2) whose owner has defaulted on a loan secured by a 
        mortgage of such dwelling; or
            (3) which is the subject of a foreclosure proceeding.
    (d) Imminent Default.--The term ``imminent default'' with respect 
to a loan obligation means a situation in which the obligor under such 
loan--
            (1) is current, or delinquent by less than 30 days, on the 
        obligation under such loan; and
            (2) is experiencing a significant reduction in income or 
        other hardship that will severely limit his or her ability to 
        make the next required payment on such loan.
    (e) Mortgage.--The term ``mortgage'' includes a deed of trust or 
other security interest in real property.
    (f) Mortgage Owner.--The term ``mortgage owner'' with respect to a 
dwelling means--
            (1) the mortgagee of such dwelling;
            (2) the obligee of a loan secured by a mortgage of such 
        dwelling; or
            (3) the servicer of a loan secured by a mortgage of such 
        dwelling.
    (g) Qualified Offer.--
            (1) In general.--The term ``qualified offer'' means an 
        offer to buy a home for at least the lowest of--
                    (A) half the assessed value of a home for the 
                purposes of State or local taxation; or
                    (B) half the value of a home as established by a 
                private appraisal.
            (2) No appraisal or assessment.--If a home that is the 
        subject of an offer to buy has not been assessed for tax 
        purposes or by a private appraisal, such offer shall be deemed 
        to be a qualified offer if it includes an offer to pay at least 
        half the home's value as estimated for accounting purposes by--
                    (A) if it is a foreclosed home, its owner; or
                    (B) if it is a home in foreclosure, its mortgage 
                owner.
    (h) Servicer.--The term ``servicer'' has the meaning given such 
term under section 6(i)(2) of the Real Estate Settlement Procedures Act 
of 1974 (12 U.S.C. 2605(i)(2)), and includes a person who was a 
servicer of a loan secured by a dwelling before that dwelling became a 
foreclosed home.
    (i) Short Sale.--The term ``short sale'' means a transaction--
            (1) involving the sale of a dwelling that is the subject of 
        a mortgage securing a loan for less than the amount of the 
        outstanding obligation under such loan; and
            (2) in which the mortgage owner of such dwelling--
                    (A) accepts the proceeds of such sale in partial or 
                complete satisfaction of such loan; and
                    (B) releases the mortgage of such dwelling.