HB184 - Foreclosure procedures; subordinate mortgage, affidavit required.

1 Co-Sponsor

Foreclosure procedures; subordinate mortgage; affidavit required. Provides that, when a foreclosure sale is initiated due to a default in payment of a subordinate security instrument, such subordinate mortgage lienholder shall submit to the trustee an affidavit affirming whether monthly statements were sent to a property owner for each period of assessed interest, fees, or other charges and to include in such affidavit an itemized list of the current amount owed. The bill also requires that any purchaser at a foreclosure sale pay off any priority security instrument no later than 90 days from the date that the trustee's deed conveying the property is recorded in the land records, and, if such purchaser fails to pay, the person originally required to pay such instrument has the right to petition the circuit court of the city or county where the property is located to recover from such purchaser any payments made on such instrument after the date of the foreclosure sale, plus any attorney fees and costs. Foreclosure procedures; subordinate mortgage; affidavit required. Provides that, when a foreclosure sale is initiated due to a default in payment of a subordinate security instrument, such subordinate mortgage lienholder shall submit to the trustee an affidavit affirming whether monthly statements were sent to a property owner for each period of assessed interest, fees, or other charges and to include in such affidavit an itemized list of the current amount owed. The bill also requires that any purchaser at a foreclosure sale pay off any priority security instrument no later than 90 days from the date that the trustee's deed conveying the property is recorded in the land records, and, if such purchaser fails to pay, the person originally required to pay such instrument has the right to petition the circuit court of the city or county where the property is located to recover from such purchaser any payments made on such instrument after the date of the foreclosure sale, plus any attorney fees and costs.