Recap from the 88th - Lending and Foreclosures Bills

H.B. 219 is a new requirement on mortgage lenders/servicers requiring lenders/servicers to release their lien within 60-days of the loan being completely paid off by the borrower. There is an additional provision whereby a borrower can send notice to the lender after paying off the loan and the lender/servicer has 30-days to release the lien or file a release of lien with the county deed records.

This law goes into effect on September 1, 2023.

S.B. 62 modifies the current law that requires counties to post the notice of sale for a real property foreclosure on their website. S.B. 62 expands this law to now require a county to post the notice of a sale along with the date, time, and location of the sale.

S.B. 62 also changes another area of the Tax Code related to the prescribed form a person must use to request from a county assessor-collector if there are delinquent taxes due on a property. This is crucial for a prospective tax foreclosure purchaser to know ahead of the sale exactly how much is owed in taxes on a property, as that will impact their potential offer price.

The two changes are intended to increase public awareness and accessibly to foreclosure and tax foreclosure real property sales, so that there are more sales prospects for such properties.

This law goes into effect on September 1, 2023.