HB 1149: Mortgage Foreclosures

General Bill by Representative Steube

Mortgage Foreclosures; Reduces limitations period for commencing action to enforce claim of deficiency judgment pursuant to foreclosure action; provides that entry of deficiency judgment must be commenced within specified period after date of court foreclosure sale or short sale; bars attempts to collect deficiency judgment if not commenced within such period; limits amount of deficiency judgment in foreclosure action; authorizes reduction of amount of deficiency judgment by insurance setoff; authorizes lienholders & condominium or homeowners' associations to request order to show cause for entry of final judgment of foreclosure; provides requirements & procedures with respect to order directed to defendants to show cause why final judgment of foreclosure should not be entered; provides that failures by defendant to make certain filings or to make certain appearances may have specified legal consequences; requires court to enter final judgment of foreclosure & order foreclosure sale; establishes expedited foreclosure proceedings for abandoned residential real property & procedures & requirements with respect thereto; provides procedures & requirements for actions to foreclose on mortgages on actual or potential homestead property.

Last Action: 01/10/2012 Introduced -HJ 111

Effective Date: July 1, 2012

PLEASE CLICK HERE FOR ORIGINALLY FILED VERSION!


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