the Bureau of Labor Statistics of the Department of 
Labor. 
(c) REDETERMINATION.—If the owner of a foreclosed 
property or the eligible mortgagor under the eligible mort-
gage requests the court described in subsection (a) to re-
determine the fair market rent for a foreclosed property 
determined pursuant to this section (as such amount may 
have been adjusted pursuant to subsection (b)) and agrees 
to pay any costs of such redetermination (including costs 
of the appraisal involved), the court shall provide for rede-
termination of the fair market rent for the foreclosed 
property in the manner provided under subsection (a), ex-
cept that no such redetermination shall be made pursuant 
to a request under this subsection made before the expira-
tion of the 12-month period beginning upon the most re-
cent redetermination conducted at the request of the same 
party. 
SEC. 5. NONJUDICIAL FORECLOSURE PROCEEDINGS. 
In the case of any covered foreclosure proceeding that 
is not conducted or administered by a court, the eligible 
mortgagor may bring an action in an appropriate court 
of the State in which the foreclosed property is located 
for a determination of fair market rent for the foreclosed 
property for purposes of this Act, by filing notice in ac-
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cordance with section 3 with such court and otherwise 
complying with the rules of such court. 
SEC. 6. NO BAR TO FORECLOSURE. 
This Act may not be construed to delay, or otherwise 
modify, affect, or alter any right of a creditor under an 
eligible mortgage to foreclose on the mortgage and to sell 
the foreclosed property in connection with such fore-
closure, except that the right of any owner of the property 
to possession of the property shall be subject to the lease-
hold interest established pursuant to section 2(c). 
SEC. 7. RIGHT TO REINSTATEMENT. 
This Act may not be construed to affect any right 
of any eligible mortgagor to reinstatement of an eligible 
mortgage, including any right established under contract 
or State law. 
SEC. 8. JURISDICTION OF FEDERAL COURTS. 
At the option of the eligible mortgagor, a proceeding 
under section 4 or 5 shall be removed to the appropriate 
district court of the United States in accordance with sec-
tion 1441 of title 28, United States Code. 
SEC. 9. EFFECT ON STATE LAW. 
This Act does not annul, alter, affect, or exempt any 
person subject to the provisions of this Act from complying 
with the laws of any State regarding foreclosure on resi-
dential properties, except to the extent that such laws are 
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inconsistent with any provision of this Act, and then only 
to the extent of such inconsistency. 
SEC. 10. 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 mortgage— 
(A) on property that— 
(i) is a single family property; and 
(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; 
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(B) that was made in connection with the 
purchase of the property by the mortgagor for 
a purchase price that is less than the median 
purchase price for residences that are located 
in— 
(i) the same metropolitan statistical 
area; or 
(ii) if the property is not located in a 
metropolitan statistical area or information 
for the area is not available, the same 
State; and 
(C) that was originated before July 1, 
2007. 
For purposes of subparagraph (B), the median pur-
chase price of residences located within a metropoli-
tan area or State shall be determined according to 
information collected and made available by the Na-
tional 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. 11. APPLICABILITY AND SUNSET. 
(a) APPLICABILITY.—Subject to subsection (b), this 
Act shall apply to any covered foreclosure proceeding that 
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has not been finally adjudicated as of the date of the en-
actment of this Act. 
(b) SUNSET.—This Act shall not apply to any fore-
closure proceeding commenced after the expiration of the 
5-year period beginning on the date of the enactment of 
this Act. 
Æ 
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