SB533 Summary

• Requires mortgagees to mail a certified notice to mortgagors of residential property foreclosures at least 60 days before first newspaper publication, containing party names, property description, default details, and intent to foreclose.

• Extends newspaper publication requirement for foreclosure sales from three to four consecutive weeks for residential properties.

• Increases time for mortgagors to surrender possession to preserve redemption rights from 10 days to 20 days after written demand.

• Extends time for tenants to deliver possession and preserve redemption rights from 10 days to 60 days after receiving notice, provided lease payments remain current and lease predates the mortgage.

• Becomes effective August 1, 2011.