sions of this Act from complying with the laws of any 
State regarding foreclosure on residential properties, ex-
cept to the extent that such laws are inconsistent with any 
provision of this Act, and then only to the extent of such 
inconsistency. 
(b) LANDLORD-TENANT LAWS.—Nothing in this Act 
may be construed to not annul, alter, affect, or exempt 
any such tenancy created pursuant to section 2(c) from 
any applicable State or local laws regarding the rights or 
responsibilities of landlords or tenants. 
SEC. 10. OVERSIGHT BY HUD. 
The Secretary of Housing and Urban Development 
shall— 
(1) monitor compliance with the requirements 
under this Act; 
(2) make available, and provide, appropriate as-
sistance to eligible mortgagors in exercising their 
rights under this Act; 
(3) conduct outreach activities appropriate to 
inform eligible mortgagors of the provisions of this 
Act; and 
(4) submit to the Congress, not less than annu-
ally, reports describing the implementation of this 
Act, the extent to which this Act is utilized by eligi-
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ble mortgagors, and any issues regarding such im-
plementation or utilization. 
SEC. 11. DEFINITIONS. 
For purposes of this Act, the following definitions 
apply: 
(1) COVERED
FORECLOSURE
PROCEEDING.— 
The term ‘‘covered foreclosure proceeding’’ means a 
foreclosure proceeding with respect to an eligible 
mortgage, and includes any foreclosure proceeding 
authorized under the law of the applicable State, in-
cluding judicial and non-judicial foreclosure pro-
ceedings. 
(2) ELIGIBLE MORTGAGOR.—The term ‘‘eligible 
mortgagor’’ means a mortgagor under an eligible 
mortgage. 
(3) ELIGIBLE MORTGAGE.—The term ‘‘eligible 
mortgage’’ means a first or subordinate mortgage— 
(A) on a property that— 
(i) is a single family property; 
(ii) has been used as the principal res-
idence of the eligible mortgagor for a pe-
riod of not less than 2 years immediately 
preceding the initiation of the covered fore-
closure proceeding involved; and 
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(iii) had a purchase price, at the time 
purchased by the eligible mortgagor, that 
is less than the median purchase price for 
residences that are located in— 
(I) the same metropolitan statis-
tical area; or 
(II) if the property is not located 
in a metropolitan statistical area or 
information for the area is not avail-
able, the same State; and 
(B) that was originated before July 1, 
2007. 
For purposes of subparagraph (A)(iii), the median 
purchase price of residences located within a metro-
politan area or State shall be determined according 
to information collected and made available by the 
National Association of Realtors for such area or 
State for the most recently completed month for 
which such information is available. 
(4) FORECLOSED PROPERTY.—The term ‘‘fore-
closed property’’ means, with respect to a covered 
foreclosure proceeding, the single family property 
that is subject to the eligible mortgage being fore-
closed under the proceeding. 
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(5) FORECLOSING CREDITOR.—The term ‘‘fore-
closing creditor’’ means, with respect to a covered 
foreclosure proceeding, the creditor that is fore-
closing the eligible mortgage through such pro-
ceeding. 
(6) OWNER.—The term ‘‘owner’’ means, with 
respect to a foreclosed property, the person who has 
title to the property pursuant to the foreclosure pro-
ceeding for the property, and any successor or as-
sign of such person. 
(7) SINGLE
FAMILY
PROPERTY.—The term 
‘‘single family property’’ means— 
(A) a structure consisting of 1 to 4 dwell-
ing units; 
(B) a dwelling unit in a multi-unit condo-
minium property together with an undivided in-
terest in the common areas and facilities serv-
ing the property; or 
(C) a dwelling unit in a multi-unit project 
for which purchase of stock or a membership 
interest entitles the purchaser to permanent oc-
cupancy of that unit. 
SEC. 12. APPLICABILITY AND SUNSET. 
(a) APPLICABILITY.—Subject to subsection (b), this 
Act shall apply to any covered foreclosure proceeding that 
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