84th Recap: Foreclosure Process Changes

Three bills made it through this session dealing with various aspects of non-judicial foreclosure. The three bills address real property foreclosure, not chattel.

HB 2063 deals with the filing process by a mortgage servicer or a trustee related to the filings of the notice of sale, notice of default, non-applicable military service documentation, facts regarding the foreclosure, or proof of service of mailing any notices related to foreclosure.

HB 2066 creates a new third option, other than the two current options of rescission by agreement or litigation, of resending a foreclosure sale if there was some intervening condition that would have undermined the validity of the sale, such as bankruptcy or a cure of the default.

Finally, HB 2067 allows for the rescission of a note acceleration giving borrowers, lenders, and loan servicers opportunities to explore other loss mitigation efforts.

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