CONSTITUTIONAL LAW-MORTGAGE FORECLOSURE MORATORIUM STATUTES
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- 2003Santini Hernandez v. Valles de Guaynabo, S.E. P.R. Cir.
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Abstract
The present economic crisis has been productive of much drastic legislation which is directed at the relief of the debtor class. Rather than let the depression run its course, legislative bodies have endeavored to alleviate some of the evils by so-called "emergency'' statutes. A common type of such enactment is that designed to protect mortgagors against foreclosure and sale of their property. Some of these statutes provide that the period of redemption after foreclosure sale shall be extended for a definite period, others that the courts may stay foreclosures, and some provide that there shall be no foreclosure sales unless a certain fraction of the value of the property is bid at the sale.
Twenty-one States have passed laws which seek to effect some sort of mortgage foreclosure moratorium. There has been serious doubt as to the validity of these statutes under the state and federal. constitutions. A few state courts have passed on their validity.